Glorious Gloria, a Florist, Had the Following Transactions in August

question 126

Multiple Choice

Glorious Gloria, a florist, had the following transactions in August: Earned $2,000 as revenues on account; collected $4,000 from a customer for goods sold last month; incurred $600 of repair expense and paid cash; paid $200 to a supplier that it owed from the previous month. What is the net income in August?

• A)$500
• B)$5,700
• C)$2,700
• D)$1,400

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Definitions:

Medical Malpractice

A specific form of negligence that involves a medical professional's failure to provide the standard of care, resulting in harm to a patient.

Agent's Employment

The condition or period in which an individual acts on behalf of another person or entity, often in a business or professional capacity.

Authority

The authority or capacity to issue commands, make choices, and ensure compliance.

Disclosed

Disclosed involves the revelation or sharing of previously private or confidential information with parties that need or request it.