Assume Zero Opening Balances for All Balance Sheet Accounts $\bullet$ Credit Sales of $100 000, of Which $80 000 Was

question 50

Multiple Choice

Assume zero opening balances for all balance sheet accounts.
$\bullet$ Credit sales of $100 000, of which $80 000 was received at year end
$\bullet$ Paid wages of $40 000
$\bullet$ Depreciation expenses was $8000
Net profit and cash flow from operations are respectively?

• A) $32 000; $40 000
• B) $52 000; $32 000
• C) $52 000; $40 000
• D) None of the answers provided

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Definitions:

Self Competency

The ability to understand and effectively manage one's own skills and emotions in various situations.

Circulatory System

The body system responsible for the transport of blood, nutrients, gases, and wastes, including the heart and blood vessels.

Other Competencies

Additional skills, abilities, and knowledge that contribute to an individual's or group's capacity to perform effectively in various tasks or roles.

Curious Skill

The ability to show eagerness to know or learn something, often leading to exploration and discovery.