During October, a Firm Had the Following Transactions Involving Revenue

question 70

Short Answer

During October, a firm had the following transactions involving revenue and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount?
Paid $1,600 for rent for October
Provided services for $4,750 in cash
Paid $350 for the October telephone service
Provided services for $1,700 on credit
Paid salaries of $2,675 to employees
Paid $350 for the monthly office cleaning service

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Definitions:

Ethical Burden

Ethical burden concerns the challenging moral responsibilities and ethical choices faced by individuals, especially in positions of power or influence.

Ethical Egoism

A philosophical perspective that suggests actions are morally right if they promote one's own self-interest.

Greatest Good

A principle often associated with utilitarianism that suggests actions should be evaluated based on their consequences for the greatest number of people.

Leader-Follower Relationship

Focuses on the dynamic interactions between leaders and followers, including trust, influence, and the exchange of benefits.