Smiles Entertainment Had the Following Accounts and Balances at December

question 2

Multiple Choice

Smiles Entertainment had the following accounts and balances at December 31: $$\begin{array} { | l | r | r | } \hline \text { Account } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 10,000 & \\\hline \text { Acoounts Receivable } & 2,000 & \\\hline \text { Prepaid Insurance } & 2,400 & \\\hline \text { Supplies } & 1,000 & \\\hline \text { Acoounts Payable } & & \$ 5,000 \\\hline \text { Common Stock } & & 4,900 \\\hline \text { Service Revenue } & & 7,000 \\\hline \text { Salaries Expense } &500 & \\\hline \text { Utilities Expense } & 1,000\\\hline \text { Totals } & \$ 16,900 & \$ 16,900 \\\hline\end{array}$$ Using the information in the table, calculate the company's reported net income for the period.

• A)$1,100.
• B)$4,000.
• C)$4,500.
• D)$10,400.
• E)$5,500.

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Definitions:

Subliminal Perception

The processing of information by sensory systems without a person’s conscious awareness.

Altered State

A condition which is significantly different from a normal waking state, induced by various means like meditation, drugs, or hypnosis.

Posthypnotic Suggestion

involves instructions given to a person under hypnosis that are to be executed after the hypnosis session has ended, often used to change behaviors.

Mindfulness Meditation

A practice of maintaining a nonjudgmental state of heightened or complete awareness of one's thoughts, emotions, or experiences on a moment-to-moment basis.