During Its First Year of Business,Mega,Inc

question 58

Multiple Choice

During its first year of business,Mega,Inc.earned revenues of $400,000,of which it collected only $310,000 in cash.Which of the following statements is CORRECT?

• A)The income statement will show Cash collected from customers of $310,000.
• B)The balance sheet will show Accounts receivable of $310,000.
• C)The income statement will show Revenues of $310,000.
• D)The income statement will show Revenues of $400,000.

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Definitions:

Adipose Tissue

A type of body tissue containing stored fat, serving as an energy reserve, insulation, and cushioning for organs.

Lipids

A broad group of naturally occurring molecules that include fats, waxes, and certain vitamins, characterized by their insolubility in water.

Pyridoxine

Another name for Vitamin B6, a water-soluble vitamin important for normal brain development and for keeping the nervous system and immune system healthy.

Amino Acid Metabolism

The set of biochemical processes that lead to the synthesis and breakdown of amino acids, crucial for protein synthesis and energy production.