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

---

Definitions:

Rheumatoid Arthritis (RA)

An autoimmune disease that causes chronic inflammation of the joints and other parts of the body, leading to pain, swelling, and potential loss of function.

Control Inflammation

The process or measures taken to reduce or manage the body's inflammatory response to injury, infection, or chronic conditions.

Immune Response

The body's defensive reaction to foreign substances or pathogens, involving recognition and attack to eliminate the invaders.

Erythema

Redness of the skin typically caused by increased blood flow due to inflammation, injury, or infection.