Figure 7-12 -Refer to Figure 7-12. an Increase in Price from $20

question 193

Multiple Choice

Figure 7-12
-Refer to Figure 7-12. An increase in price from $20 to $30 would

• A) increase total revenue by $2,000.
• B) decrease total revenue by $2,000.
• C) increase total revenue by $1,000.
• D) decrease total revenue by $1,000.

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Definitions:

Total Assets

The total value of everything a company owns, both current and non-current, as recorded on the balance sheet.

Single-step Statement

A simple form of income statement that calculates net income by subtracting total expenses from total income in one step.

Multiple-step Statement

An income statement that separately reports operating and non-operating activities, making it easier to understand the financial results.

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, revealing net profit or loss.