At the End of the First Month of Operations for Jackson's

question 48

Multiple Choice

At the end of the first month of operations for Jackson's Catering Service, the business had the following accounts: Cash, $21,000; Prepaid Rent, $500; Equipment, $7,500 and Accounts Payable
$4,000. By the end of the month, Jackson's had earned $32,000 of Revenues, and used $1,800 of Utilities Expenses, $4,000 of Rent Expense and $3,600 of Salaries Expenses. Calculate the net income to be reported by the company for this first month.

• A)$32,000
• B)$26,200
• C)$22,600
• D)$23,100

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Definitions:

Insulin

A hormone produced by the pancreas that regulates blood sugar levels by facilitating the uptake of glucose into tissues.

Prolactin

A hormone produced by the pituitary gland that stimulates milk production after childbirth and affects sex hormone levels.

Latin Americans

People from countries in Latin America, a region of the Americas where Romance languages (primarily Spanish and Portuguese, and variably French) are spoken.

African Americans

African Americans are a racial or ethnic group in the United States with ancestry from the black racial groups of Africa.