Table 1-2
Following Is a List Showing the Account Balances

question 57

Multiple Choice

Table 1-2
Following is a list showing the account balances of various assets, liabilities, revenues, and expenses for Tim's Landscaping at December 31, 2019, the end of its first year of operations. $\begin{array} { | l | r | } \hline \text { Accounts receivable } & \$ 30,000 \\\hline \text { Accounts payable } & 7,000 \\\hline \text { Salary expense } & 9,000 \\\hline \text { Repairs expense } & 1,600 \\\hline \text { Truck } & 17,000 \\\hline \text { Equipment } & 12,600 \\\hline \text { Notes payable } & 16,400 \\\hline \text { Cash } & 13,600 \\\hline \text { Supplies expense } & 3,200 \\\hline \text { Service revenue } & 25,600 \\\hline \text { Gasoline expense } & 1,600 \\\hline \text { Salary payable } & 4,400 \\\hline\end{array}$ The owner, Tim Brown, invested $45,200 during the year and withdrew $10,000 during the year for personal use.
-Refer to Table 1-2. The net income or loss for the year was:

• A)$10,200.
• B)$25,600.
• C)$11,800.
• D)$15,400.

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Definitions:

Labor Mediator

A neutral party who helps negotiate and resolve disputes between employers and employees or labor unions.

Accomplishments

Achievements or completed goals that have been successfully reached through effort, skill, or courage.

Labor Unions

Organizations formed by workers from related fields that work together to secure favorable wages, working conditions, and other employment benefits.

Open Shop

When no one is forced to join a union even though the union represents all the workers in contract negotiations.