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

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Definitions:

Associated

Pertains to the connection or relationship between two or more variables or factors.

Response Variable

The outcome or variable of interest that is measured or observed in a study, experiment, or analysis to see how it is affected by explanatory variables.

Fuel Efficiency

The measure of how far a vehicle can travel per unit of fuel.

Miles Per Gallon

A measure of a vehicle's fuel efficiency, indicating how many miles it can travel on one gallon of fuel.