Use This Information to Answer the Following Question

question 235

Multiple Choice

Use this information to answer the following question. The Retained Earnings,Dividends,and Income Summary accounts for Gula's Repair Corporation for the accounting period are presented below in T account form after the recording and posting of closing entries:


The amount of revenue earned for the period is

• A) $600.
• B) $900.
• C) $700.
• D) $300.

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Definitions:

Plane Operating Costs

The expenses related to operating an aircraft, including fuel, maintenance, crew salaries, and hangar fees.

Planning Budget

A budget prepared for a specific level of activity, used as a tool for decision-making and planning in financial management.

Fixed And Variable Cost

Costs that remain constant regardless of the level of production or sales (fixed), and costs that vary directly with the level of production or sales (variable).

Planning Budget

A budget based on the level of output planned at the start of the budgetary period.