Following Is a List of Account Balances of Morris Mowing

question 157

Multiple Choice

Following is a list of account balances of Morris Mowing Services as of December 31 of the first year of operations. $$\begin{array} { | l | r | } \hline \text { Accounts Receivable } & \$ 6,000 \\\hline \text { Accounts Payable } & 7,000 \\\hline \text { Salaries Expense } & 6,000 \\\hline \text { Repairs Expense } & 900 \\\hline \text { Truck } & 12,000 \\\hline \text { Equipment } & 9,000 \\\hline \text { Notes Payable } & 24,000 \\\hline \text { Cash } & 12,000 \\\hline \text { Supplies Expense } & 9,000 \\\hline \text { Service Revenue } & 24,000 \\\hline \text { Gasoline Expense } & 7,100 \\\hline \text { Salaries Payable } & 1,500 \\\hline\end{array}$$ Calculate the net income.

• A)$1,000
• B)$31,300
• C)$2,800
• D)$34,100

Recognize the significance of employee ownership in corporations and the impact on corporate culture and stock ownership.

Understand the requirements and implications of different corporate classifications, such as B corporations and S corporations.

Comprehend the role of government in business ownership, including public and cooperative ownership models.

Appreciate the tax implications and legal requirements for corporations, including the responsibility of top executives to verify financial statements.

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