Glendale Company Had the Following Transactions in August

question 168

Multiple Choice

Glendale Company had the following transactions in August:
Earned $5,000 of revenues on account;collected $2,000 from a customer for services provided last month;incurred $500 of repair expense and paid cash;paid $300 for rent that it owed from the previous month.
What is the net income in August?

• A)$500
• B)$2,000
• C)$6,500
• D)$4,500

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Definitions:

False High

An inaccurately elevated measurement or reading, often due to procedural or equipment errors.

Hemoglobin

A protein in red blood cells responsible for carrying oxygen from the lungs to the rest of the body.

Sphygmomanometer

A tool designed for blood pressure assessment, featuring a cuff that can be inflated to constrict blood flow, along with a manometer to gauge the pressure.

Systolic Blood Pressure

The top number in a blood pressure reading, indicating the pressure in the arteries when the heart beats.