Following Is a List of Account Balances of Lincoln Lawn

question 215

Multiple Choice

Following is a list of account balances of Lincoln Lawn Services as of December 31, after the first year of operations. $$\begin{array} { | l | r | } \hline \text { Accounts Receivable } & \$ 6,000 \\\hline \text { Accounts Payable } & 5,000 \\\hline \text { Salaries Expense } & 7,000 \\\hline \text { Repairs Expense } & 900 \\\hline \text { Truck } & 11,000 \\\hline \text { Equipment } & 12,000 \\\hline \text { Notes Payable } & 26,100 \\\hline \text { Cash } & 20,000 \\\hline \text { Supplies Expense } & 200 \\\hline \text { Service Revenue } & 32,000 \\\hline \text { Gasoline Expense } & 7,200 \\\hline \text { Salaries Payable } & 1,200 \\\hline\end{array}$$ Calculate the net income.

• A) $16,700
• B) $31,100
• C) $17,900
• D) $49,000

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Definitions:

Cities

Urban areas characterized by higher population density and vast human features in comparison to areas surrounding them.

Mesopotamia

An ancient region located in the eastern Mediterranean, roughly corresponding to present-day Iraq, and is considered the cradle of civilization for its early developments in agriculture, writing, and urban life.

Modern Factory

An industrial site equipped with the latest technology and machinery for manufacturing goods and products.

Inequality of Wealth

The uneven distribution of assets, wealth, or income across individuals or groups within a society.