At the End of the First Month of Operations for Jackson's

question 88

Multiple Choice

At the end of the first month of operations for Jackson's Catering Service,the business had the following accounts: Cash,$19,000;Prepaid Rent,$500;Equipment,$5,000 and Accounts Payable $2,000.By the end of the month,Jackson's had earned $20,000 of Revenues,$1,000 of Utilities Expenses and $1,500 of Salaries Expenses.Calculate the net income to be reported by the company for this first month.

• A) $20,000
• B) $19,000
• C) $17,500
• D) $12,000

---

Definitions:

Northern England

A geographical region of England, marked by its distinct cultural, historical, and economic identities, and typically considered to include areas such as Yorkshire, the North East, and the North West.

Test Act

Legislation passed in 1673 in England, requiring all civil and military officials to profess the Protestant faith, effectively excluding Catholics from office.

Civil Offices

Positions within a government's administrative framework, excluding military or judicial roles, typically filled by civil servants.

Glorious Revolution

was a peaceful coup in England in 1688 that resulted in the overthrow of King James II and the establishment of William III and Mary II as co-rulers.