Compute Net Income for May Based on the Following Transactions

question 14

Multiple Choice

Compute net income for May based on the following transactions:
May 1 paid $2,200 for May's rent.
May 14 paid $1,200 for two weeks wages.
May 15 performed $5,200 in consulting services on account.
May 17 billed a customer $1,500 for services performed May 16.
May 20 received $5,200 in payment for May 15 transaction.
May 22 performed services and immediately collected $2,000.
May 31 paid $500 for advertising in the local paper to take place in June.

• A) $10,200
• B) $ 5,300
• C) $ 8,700
• D) $13,900
• E) $ 7,000

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Definitions:

Country Club Leadership

A leadership style that prioritizes the welfare and happiness of team members to the potential detriment of task performance or organizational objectives.

Ohio State Studies

A series of studies that identified two critical dimensions of leadership behavior: consideration (focusing on the welfare of followers) and initiating structure (organizing work and defining role responsibilities).

Initiating Structure

The aspect of leadership concerned with setting up clear guidelines, structures, and standards of performance for tasks.

Consideration

A leadership behavior characterized by showing concern and respect for followers, attending to their needs, and creating a supportive environment.