The Following Items Are Taken from the Financial Statements of the Postal

question 41

Multiple Choice

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015: $$\begin{array} { l r } \text { Accounts payable } & \$ 18,000 \\\text { Accounts receivable } & 11,000 \\\text { Accumulated depreciation - equipment } & 28,000 \\\text { Advertising expense } & 21,000 \\\text { Cash } & 15,000 \\\text { Common stock } & 42,000 \\\text { Dividends } & 14,000 \\\text { Depreciation expense } & 12,000 \\\text { Insurance expense } & 3,000 \\\text { Note payable, due 6/30/16 } & 70,000 \\\text { Prepaid insurance (12-month policy) } & 6,000\end{array}$$ $$\begin{array} { l r } \text { Rent expense } & 17,000 \\\text { Retained earnings (1/1/15) } & 60,000 \\\text { Salaries and wages expense } & 32,000 \\\text { Service revenue } & 133,000 \\\text { Supplies } & 4,000 \\\text { Supplies expense } & 6,000 \\\text { Equipment } & 210,000\end{array}$$ What is the company's net income for the year ending December 31, 2015?

• A) $12,000
• B) $28,000
• C) $42,000
• D) $133,000

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Nature

The physical world collectively, including plants, animals, the landscape, and other features and products of the earth, as opposed to humans or human creations.

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The current population of people residing on the planet Earth.

Solved

A term used to indicate that a problem or equation has been worked out and a solution has been found.

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A fee or cost associated with the use or maintenance of a system, which can vary depending on the type and purpose of the system.