Use the Following Information for Questions
EI Greco Corporation

question 65

Multiple Choice

Use the following information for questions
EI Greco Corporation began operations on January 1, 2011.Presented below is selected information related to EI Greco at December 31, 2011. $$\begin{array} { l r l r } \text { Equipment } & € 145,000 & \text { Utilities Expense } & € 18,000 \\\text { Cash } & 42,000 & \text { Accounts Receivable } & 41,000 \\\text { Service Revenue } & 324,000 & \text { Wages Expense } & 121,000 \\\text { Rent Expense } & 39,000 & \text { Notes Payable } & 48,000 \\\text { Accounts Payable } & 22,000 & \text { Dividends } & 45,000 \\\text { Share Capital } & 84,000 & \text { Wages Payable } & 8,000 \\\text { Supplies } & 15,000 & \text { Advertising Expense } & 20,000\end{array}$$
-Net income (loss) reported on the income statement for the month of December is

• A) \(€ 126,000\)
• B) \(€ 90,000\)
• C) \(€ 81,000\)
• D) \(€ 48,000\)

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Definitions:

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Legal Risk

The potential for financial losses or other negative consequences resulting from legal actions, non-compliance with laws, or failure to enforce contractual obligations.

Serious Incident

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Search Firm

A specialized company engaged in the business of recruiting employees for organizations, typically focusing on middle to upper-level positions.