The Income Statement for the Month of June, 2014 of Taylor

question 14

Multiple Choice

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: At June 1, 2014, Taylor reported Retained Earnings of ₤35,000. The company paid no dividends during June. At June 30, 2014, the company will report Retained Earnings of

• A) ₤35,000.
• B) ₤43,000.
• C) ₤38,900.
• D) ₤31,100.

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Definitions:

Business Products

Goods and services purchased by organizations for use in their operations, production, or to be resold.

Supplies

Items or materials necessary for the operation of businesses, schools, homes, etc., which are consumed or worn out during use.

Business Products

Goods and services sold to other businesses for the purpose of resale, use in production, or general business operations.

Trash Bags

Flexible bags designed to hold waste materials until they are collected for disposal.