Lagos Corp

question 33

Multiple Choice

Lagos Corp.recorded sales of $345,000 in 2010,in addition its accounts receivable and accounts payable balances at the beginning and end of 2010 were as follows: How much cash did Lagos collect from customers in 2010?

• A) $345,000
• B) $320,000
• C) $324,000
• D) $316,000

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Definitions:

Partnership

A legitimate arrangement for conducting business that necessitates shared managerial responsibilities and profits among multiple partners.

Small Law Practice

A small law practice is a legal firm with a limited number of attorneys, often specializing in specific areas of law and offering more personalized services than larger firms.

Revenues

The total income generated from normal business operations and other activities like investments, calculated before any expenses are deducted.

Generally Accepted Accounting Principles

A framework of accounting standards, principles, and procedures that companies follow to compile their financial statements.