The Following Is Selected Information from Jamison Corporation for the Fiscal

question 176

Multiple Choice

The following is selected information from Jamison Corporation for the fiscal year ending December 31, 2022. $\begin{array}{lr}\text { Cash received from customers } & \$ 300,000 \\\text { Revenue recognized } & 470,000 \\\text { Cash paid for expenses } & 280,000 \\\text { Cash paid for computers on January 2 (annual depreciation is } \$ 15,000 \text { ) } & 60,000 \\\text { Expenses incurred (excluding any depreciation) } & 290,000 \\\text { Proceeds from bank loan } & 100,000 \\\text { Owner drawings } & 50,000\end{array}$ What is Jamison Corporation's net income for the year ending December 31, 2022?

• A) $15,000.
• B) $165,000.
• C) $205,000.
• D) $265,000.

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Definitions:

Beef Demanded

The quantity of beef consumers are willing and able to purchase at a given price within a specified time period.

Price Increase

A rise in the cost of goods or services, affecting consumption patterns and inflation rates.

Elasticity

A measure of the responsiveness of quantity demanded or supplied to a change in one of its determinants, such as price or income.

Consumer Expenditure

The total amount spent by consumers on goods and services within a specific period.