The Following Are the Current Month's Balances for Selected Accounts

question 200

Multiple Choice

The following are the current month's balances for selected accounts of Sandlin Marketing Company. $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 7,000 \\\hline \text { Revenue } & 11,000 \\\hline \text { Cash } & 1,000 \\\hline \text { Expenses } & 1,750 \\\hline \text { Furniture } & 14,000 \\\hline \text { Accounts Receivable } & 15,000 \\\hline \text { Sandlin, Capital } & 9,250 \\\hline \text { Notes Payable } & 4,500 \\\hline\end{array}$$ What is the net income for Sandlin Marketing for the current month?

• A) $11,000
• B) $9,250
• C) $12,750
• D) $12,000

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Definitions:

Accounting Oversight Board

An organization responsible for supervising and regulating accounting practices to ensure accuracy and fairness in financial reporting.

Sarbanes-Oxley Act

A United States federal law enacted in 2002 to protect investors from the possibility of fraudulent accounting activities by corporations.

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Incidents that involve deliberate manipulation of financial statements and records for the purpose of misleading investors and stakeholders.

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