[The Following Information Applies to the Questions Displayed Below

question 141

Multiple Choice

[The following information applies to the questions displayed below.]
The financial statements of New World,Inc. ,provide the following information for the current year:

-Compute the amount of cash received from customers during the current year.

• A)$3,097,500
• B)$3,129,000
• C)$3,066,000
• D)$3,612,000

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Definitions:

Net Income

The net income of a company once all costs and taxes are deducted from the overall revenue.

Capital Account

A capital account tracks the net value of a company's assets contributed by its owners and investors plus retained earnings or minus any distributions to owners.

Ending Capital Balance

The amount of money that a company or individual has in their capital account at the end of a fiscal period, after all transactions have been accounted for.

Net Purchases

The total amount of purchases after subtracting any purchases returns, allowances, and discounts.