During 2019,Ocean Consulting Had the Following Transactions with It Clients

question 187

Multiple Choice

During 2019,Ocean Consulting had the following transactions with it clients (customers) : On February 1,2019,the company received cash of $10,000 from clients in payment of their account balances as of December 31,2018.
On November 1,2019,the company received $4,000 cash as payments in advance for services to be performed in 2020.
The company received a total of $26,000 in cash for services that were performed during 2019.
The company sent bills totaling $8,000 to clients for services performed during 2019;this amount was unpaid as December 31,2019.
As a result of these transactions during 2019,the firm's stockholders' equity will:

• A)increase by $40,000.
• B)decrease by $10,000.
• C)increase by $34,000.
• D)decrease by $4,000.

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Definitions:

Norms

Established standards of behavior maintained by a society, regarded as acceptable or typical for its members.

Collective Action

Occurs when people act in unison to bring about or resist social, political, and economic change. Some collective actions are routine. Others are nonroutine. Routine collective actions are typically nonviolent and follow established patterns of behavior in existing types of social structures. Nonroutine collective actions take place when usual conventions cease to guide social action and people transcend, bypass, or subvert established institutional patterns and structures.

Political Protest

An expression of objection or disapproval towards political ideas or actions, often in a public context.

Model Parliament

A historical term or concept relating to representative assemblies or efforts to simulate parliamentary democracy as an educational tool.