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  3. the following table provides acme corp's transacti

The following table provides Acme Corp's transaction for the month. Using the MODIFIED CASH BASIS...

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Accounting

The following table provides Acme Corp's transaction for the month. Using the MODIFIED CASH BASIS method and only the transactions listed, calculated the firm's NET INCOME for the month. Enter negative values using the minus sign (e.g. -122)

Transaction

Value

Issued shares of capital stock for cash

10010

Rented space at a self-storage for 2 weeks paid cash

-400

Purchased supplies to be used on a job during this month payment due next month

-800

Received a loan from a bank to be paid back in 1 year

8468

Received payment from customer for work completed and billed in previous month

1360

Paid miscellaneous expenses

-800

Received payment for customer for work completed and billed during this month

6938

Billed a customer for work completed to be paid in the next month

3441

Paid hourly employees for work completed during the month

-2000

Recorded depreciation of office building

1000

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