Picasso Art School's Operating Activities for the Month of February

question 134

Multiple Choice

Picasso Art School's operating activities for the month of February are summarized in the following transactions: 1.Provided $1,500 of instructional lessons.
2) Received $2,100 cash from students-of which $1,200 is for lessons provided in February,and $900 is for lessons provided in January.
3) Paid January's rental bill of $300.Received February's bill of $450 but did not pay.
Determine Picasso Art School's Net Income for February using the accrual basis of accounting?

• A)$1,050
• B)$1,800
• C)$900
• D)$750

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Definitions:

Prospect

A potential customer or client who has been identified as fitting the target market of a business.

Networking

The activity of connecting with people for the purpose of exchanging information and growing professional or social relationships.

Face-to-Face Meeting

A direct interaction between two or more people in the same physical location, often for discussion or consultation.

Telephone

A communication device that allows two or more users to conduct a conversation when they are too far apart to be heard directly.