The Following Is Selected Information from Alpha-Beta-Gamma Corporation for the Fiscal

question 231

Multiple Choice

The following is selected information from Alpha-Beta-Gamma Corporation for the fiscal year ending October 31, 2014. Based on the accrual basis of accounting, what is Alpha-Beta-Gamma Corporation's net income for the year ending October 31, 2014?

• A) $194,000.
• B) $114,000.
• C) $62,000.
• D) $130,000.

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Definitions:

Slope Failure

The sudden or gradual collapse of a slope that is too steep for its material to resist the pull of gravity.

Calcium Carbonate

Calcium carbonate is a chemical compound, CaCO3, found in rocks as the minerals calcite and aragonite and is the main component of shells of marine organisms, snails, and eggs.

Clay Minerals

A group of hydrous aluminium phyllosilicates, sometimes with variable amounts of iron, magnesium, alkali metals, alkaline earths, and other cations, which are found in soils and sedimentary rocks.

Chemical Ions

Atoms or molecules that have gained or lost one or more electrons, resulting in a net electrical charge.