A Company Completed the Following Transactions During the Month of October

question 119

Multiple Choice

A company completed the following transactions during the month of October: I. Purchased office supplies on account, $4,000.
II. Provided services for cash, $10,000.
III. Provided services on account, $12,000.
IV. Collected cash from a customer on account $7,000.
V. Paid the monthly rent of $3,000.
What was the company's net income for the month?

• A) $0
• B) $10,000
• C) $19,000
• D) $22,000

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Definitions:

Urea

Nitrogen-containing waste compound derived from ammonia; water is required to excrete it.

Malpighian Tubes

The excretory system of certain arthropods, like insects and spiders, used for removing wastes and maintaining osmotic balance.

Liver

Abdominal organ that produces plasma proteins and bile, filters the blood, and stores glycogen.

Urine Concentration

The process by which the kidneys regulate the water content and solute composition of urine, affecting its overall concentration.