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ABC Company Ended Year 1 with the Following Account Balances:Cash

question 98

Multiple Choice

ABC Company ended Year 1 with the following account balances:Cash $600, Common Stock $400, and Retained Earnings $200.The following transactions occurred during Year 2:Issued common stock for $19,000 cash.ABC borrowed an additional $11,000 from Chris Bank.ABC earned $9,000 of revenue on account.ABC incurred $4,000 of operating expenses on account.Cash collections of accounts receivables were $6,000.ABC provided additional services to customers for $1,000 cash.ABC purchased land for $14,000.ABC used $3,000 in cash to make a partial payment on its accounts payable.ABC declared and paid a $200 dividend to the stockholdersOn December 31 ABC had accrued salaries of $4,000.
-What is the amount of net income (loss) reported on the December 31, Year 2 income statement?

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Definitions:

Relative Price

The price of a good or service in comparison to the price of other goods and services.

Proved Reserves

Quantities of natural resources like oil or gas that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operational conditions.

Fluctuated

Describes variations or changes in level, strength, or value over a period of time.

Proved Reserves

Quantities of natural resources, like oil or gas, that geological and engineering information indicates with reasonable certainty can be recovered under existing economic and operating conditions.