Ace Builders Had the Following Transactions in June: Earned $4,000

question 122

Multiple Choice

Ace Builders had the following transactions in June: Earned $4,000 "on account;" collected $3,000 from a customer that was owed from a previous month; incurred $500 of repair expense and paid cash to the repairman; paid $1,200 to a supplier that it owed from the previous month; paid out $800 in cash drawings to the owner.
-How much was the Net income in June?

• A) $500
• B) $5,700
• C) $2,700
• D) $3,500

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Definitions:

Variety

The range of different products, services, or choices available in a market, often contributing to consumer satisfaction and market efficiency.

Consumer Spending

The total amount of money spent by households and consumers on goods and services.

Transportation

Transportation refers to the movement of goods and people from one location to another through various means including road, rail, air, and sea.

Food And Beverages

Products that encompass all consumables (foods and drinks) prepared for human consumption.