Following Is a List of Account Balances (Except for Owner's

question 84

Multiple Choice

Following is a list of account balances (except for owner's capital) of Wilson Mowing Service as of December 31 of the first year of operation: $$\begin{array} { | l | r | } \hline \text { Accounts receivable } & \$ 2,500 \\\hline \text { Accounts payable } & 3,500 \\\hline \text { Salary expense } & 4,500 \\\hline \text { Repairs expense } & 800 \\\hline \text { Truck } & 8,500 \\\hline \text { Equipment } & 6,300 \\\hline \text { Notes payable } & 8,200 \\\hline \text { Cash } & 6,800 \\\hline \text { Supplies expense } & 1,600 \\\hline \text { Service revenue } & 31,900 \\\hline \text { Gasoline expense } & 3,800 \\\hline \text { Salary payable } & 200 \\\hline\end{array}$$
- The proprietor,J.D.Wilson,contributed $3,000 at the beginning of the year; during the year,the proprietor took $12,000 in drawings.
At the end of the year,what is net income?

• A) $21,200
• B) $11,900
• C) $12,200
• D) $24,100

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Definitions:

Safety Compliance

Adherence to laws, regulations, and standards aimed at ensuring the safety and well-being of individuals in the workplace.

Innovation

The process of developing new ideas, methods, or products to improve or replace existing ones.

Protection Of One's Turf

The actions individuals or groups take to safeguard their interests or areas of responsibility, often against perceived threats or encroachments.

Laying Off Employees

The process of either temporarily or permanently dismissing staff members from their jobs, typically as a result of economic declines or changes within the organization.