In Its First Year of Operations,Grace Company Reports the Following

question 378

Multiple Choice

In its first year of operations,Grace Company reports the following: Earned revenues of $60,000 ($52,000 cash received from customers) ; Incurred expenses of $35,000 ($31,000 cash paid toward them) ; Prepaid $8,000 cash for costs that will not be expensed until next year.Net income under the cash basis of accounting is:

• A)$17,000.
• B)$21,000.
• C)$13,000.
• D)$25,000.
• E)None of the answer choices is correct.

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Definitions:

Distance

The measurement of space between two points or the extent to which individuals are emotionally or culturally apart.

Authority's Social Power

The influence and control exerted by an individual or group in a position of authority, affecting the behavior or opinions of others within a social structure.

Online Groups

Communities or collectives that interact, share information, and pursue common interests or objectives via internet-based platforms.

Face-To-Face Groups

Social gatherings or meetings where participants interact directly and physically in the same location.