Use the Following Information for Questions Below

question 14

Multiple Choice

Use the following information for questions below
During a recent week, McMunn Legal Services received $25,000 cash from clients for services performed with a total value of $75,000. The balance is to be received within 30 days.
-The effect on the Statement of Financial Position equation for this transaction would be

• A)+ $25,000 cash = - $50,000 accounts payable + $75,000 retained earnings.
• B)+ $25,000 cash - $50,000 accounts receivable = $75,000 retained earnings.
• C)+ $25,000 cash + $50,000 accounts receivable = + $75,000 retained earnings.
• D)+ $25,000 cash = + $25,000 retained earnings.

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Definitions:

Informal Networks

Social structures within organizations that consist of personal relationships and connections among employees, outside of formal organizational hierarchies.

Management Experience

The accumulation of skills, knowledge, and competencies learned through directing and controlling organizational resources and tasks.

Employees Without Children

Workforce members who do not have dependent children, which may affect their work-life balance and benefits considerations differently compared to employees with children.

Flexible Schedule

An alternative work arrangement that allows employees to vary their arrival and departure times, and sometimes choose their working days.