Monaco & Associates
Use the Following Five Transactions for Monaco $\quad$

question 97

Multiple Choice

Monaco & Associates
Use the following five transactions for Monaco & Associates to answer the following question.
Oct. 1 $\quad$ Bills are sent to clients for services provided in September in the amount of $\$ 800$ .

9 $\quad$ Dravo Co. delivers office furniture $( \$ 1,060 )$ and office supplies $( \$ 160 )$ to Monaco leaving an invoice for $\$ 1,220$ .

15 $\quad$ Payment is made to Dravo Co. for the furniture and office supplies delivered on October 9 .

23 $\quad$ A bill for $\$ 430$ for electricity for the month of September is received and will be paid on its due date in November.

31 $\quad$ Salaries of $\$ 850$ are paid to employees.
-See the transactions for Monaco & Associates. ?
Based only on these transactions,what is the total amount of expenses that should appear on the income statement for the month of October?

• A)$430
• B)$850
• C)$1,280
• D)$1,440

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Definitions:

Fiduciary Responsibility

The duty of an individual or organization to act in the best interests of another party, particularly in managing assets or making financial decisions.

Controlling Shareholders

Individuals or entities that own a majority of a company's shares, giving them significant influence or control over the company's decisions.

Squeeze-Out

A strategy or action taken by majority shareholders to pressure minority shareholders into selling their shares.

Dividends

Payments made by a corporation to its shareholders from the company's profits or reserves.