The Income Statement for the Month of June, 2018 of Camera

question 64

Multiple Choice

The income statement for the month of June, 2018 of Camera Obscura Enterprises contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,500 \\\text { Advertising Expense } & 800 \\\text { Supplies Expense } & 300 \\\text { Insurance Expense } & 100\\\text { Total expenses }&&5,700\\\text { Net income }&&\$1,300\end{array}$ At June 1, 2018, Camera Obscura reported retained earnings of $35,000. The company had no dividends during June. At June 30, 2018, the company will report retained earnings of

• A) $29,300.
• B) $35,000.
• C) $36,300.
• D) $42,000.

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Definitions:

Discretionary Bonuses

Bonus payments made at the discretion of employers, typically not guaranteed and based on performance, profitability, or other criteria.

Low-Level Radiation

Radiation of lower intensity that does not produce immediate harm to living organisms but may have long-term health effects.

Inability To Perform

A situation where a party is unable to fulfill their obligations under a contract due to circumstances beyond their control.

Video Display Terminals

Electronic devices with screens used to display data or images, commonly found in computers and televisions.