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

question 156

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: 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:

Document Management

The process of handling documents in a way that ensures their accessibility, reliability, and security throughout their lifecycle, especially important in project management for maintaining records and compliance.

Vendor Schedule

A comprehensive timetable provided by a vendor detailing when specific goods or services will be delivered or completed.

Lag Times

The delay between a predecessor activity and its successor in a project schedule, affecting the start or finish of subsequent activities.

Lead Times

The amount of time taken to complete a process or deliver a product from its initiation to completion.