During May,Many Happy Returns,Inc

question 68

Multiple Choice

During May,Many Happy Returns,Inc.earned $1,400,of which $1,000 was collected,and had expenses of $800,of which $700 was paid.Its net income equals:

• A) $600 using accrual accounting versus $300 using cash basis.
• B) $300 using accrual accounting versus $600 using cash basis.
• C) $700 using accrual accounting versus $200 using cash basis.
• D) $200 using accrual accounting versus $700 using bash basis.

---

Definitions:

WORKDAY Function

A formula in spreadsheet software that calculates a date a specified number of workdays away from a starting date, excluding weekends and any specified holidays.

Suggested Spelling

A feature in digital text editing tools that recommends corrections for misspelled words, aiding in improving the accuracy of written content.

Ignore Once

A command, often found in spellcheck features, that skips the flagged word without changing it or adding it to the dictionary.

Sheet Tab

A component of spreadsheet software that represents a single page or worksheet within a workbook, allowing users to navigate between different sections of data.