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question 116

Multiple Choice

[The following information applies to the questions displayed below.]
Astoria Co.had the following transactions during the month of August 2018:
(1) Cash received from bank loans was $20,000.
(2) Dividends of $9,500 were paid to stockholders in cash.
(3) Revenues earned and received in cash amounted to $33,500.
(4) Expenses incurred and paid were $26,000.
-What amount of net income will be reported on an income statement for the month of August?

• A)$20,000.
• B)$7,500.
• C)$0.
• D)$33,500.

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