Table 1-3 Ace Builders Had the Following Transactions in June: Earned $4,000

question 142

Multiple Choice

Table 1-3
Ace Builders had the following transactions in June: earned $4,000 "on account" that will be collected in cash next month; collected $3,000 from a customer that was owed from a previous month; incurred $500 of repair expense and paid cash to the repairman; paid $1,200 cash to a supplier that it owed from the previous month; paid out $800 in cash withdrawals to the owner.
-For Ace Builders, how much was the net income or net loss in June?

• A)$6,500 net income
• B)$3,500 net income
• C)$5,300 net income
• D)$2,500 net loss

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Definitions:

Critical Path

The longest sequence of activities in a project plan which must be completed on time for the project to finish by its due date.

Immediate Predecessor

Refers to an immediately preceding task or step that must be concluded before the next one can start, in a sequence of operations or processes.

Activity Durations

The estimated or actual amount of time needed to complete an activity or task in project management.