A Corporation Started Operations on January 1, 2001; the Reporting

question 65

Essay

A corporation started operations on January 1, 2001; the reporting period ends December 31. At the end of 2001, the company's records reflected the following correct amounts after all adjusting entries: Sales revenue, $400,000; Cost of goods sold, $232,500; Other expenses (total), $70,000; Accrued wages payable, $1,500; Accounts payable, $6,000 and Accounts receivable, $4,500.
(a) Net income, accrual basis, was $_______________.
(b) Net income, cash basis $__________________.

---

Definitions:

Trans Fat

A type of unhealthy fat that is created by hydrogenating vegetable oil, found in various processed foods, and associated with increased risk of heart disease.

Foucault

Michel Foucault was a French philosopher and social theorist known for examining the ways in which society exercises power and control over individuals.

Disciplining

The process of enforcing rules or guidelines to correct or control behavior.

Whiteness

A socially constructed category of race that establishes and maintains social privilege and norms centered around white people and culture.