Use This Information to Answer the Following Question

question 17

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:

Net Income

The concluding profit figure for a company, arrived at by deducting every type of expense and tax from its complete revenue.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been allocated as depreciation expense since it was put into use, reflecting usage or wear and tear.

Service Fees Earned

Service fees earned refer to revenues a company generates from providing services to clients or customers, as opposed to selling physical goods.

Work Sheet

A paper or electronic document used by accountants to compile and analyze financial information prior to preparing financial statements.