Question

layton's sales of the garner book totaled $300,000 for the last half of 20x6. in its 20x6 income statement, layton should report royalty expense of:

Answer 1

Layton should report royalty expense of: $85,000.

Explanation:

Under the cash basis of accounting, sales equals cash collections. Layton's sales of the Garner book totaled $300,000 for the last half of 20X6. In its 20X6 Income Statement.