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

---

Definitions:

Jean-Baptiste Lamarck

A French naturalist known for his early theory of evolution, proposing that organisms could pass on traits acquired during their lifetime to their offspring.

Adaptation

The process by which a species becomes better suited to its environment through evolutionary changes in its characteristics.

Charles Darwin

English naturalist, geologist, and biologist, best known for his contributions to the science of evolution.