For the Current Year,the First Year of Operations,a Company Sold

question 46

Multiple Choice

For the current year,the first year of operations,a company sold $100,000 of goods to customers and received $90,000 in cash from customers.The remainder is owed to the company at the end of the year.The company incurred $70,000 in expenses for the year and paid $65,000 of these in cash.The remainder is owed by the company at the end of the year.Based on this information,what is the amount of net income for the year?

• A)$25,000
• B)$35,000
• C)$20,000
• D)$30,000

---

Definitions:

Welfare

A government program that provides financial aid and services to individuals and families in need.

Public Confidence

The level of trust and belief that the general public has in the effectiveness, integrity, and policies of an organization, institution, or government.

Political Institutions

Structures and mechanisms of social order and governance that support society's collective decision-making processes.

War on Terrorism

A global military campaign initiated by the United States after the September 11 attacks, aiming to eliminate international terrorism.