[The Following Information Applies to the Questions Displayed Below

question 131

Multiple Choice

[The following information applies to the questions displayed below.]
Waldorf Co.had the following transactions during the month of October 2018:
(1) Cash received from bank loans was $60,000.
(2) Dividends of $18,500 were paid to stockholders in cash.
(3) Revenues earned and received in cash amounted to $100,500.
(4) Expenses incurred and paid were $78,000.
-What amount of net income will be reported on an income statement for the month of October?

• A)$ 18,500.
• B)$ 22,500.
• C)$ 78,000.
• D)$100,500.

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Definitions:

Kidney

The paired vertebrate organ important in excretion of metabolic wastes and in osmoregulation.

Deamination

Deamination is the biochemical process that removes an amino group from an amino acid, resulting in the release of ammonia and alteration of the amino acid structure, often taking place in the liver.

Amino Group

An amino group is a functional group consisting of a nitrogen atom attached to two hydrogen atoms (–NH2) and is a fundamental component of amino acids and thus proteins.

Amino Acids

Organic compounds that serve as the building blocks of proteins. They contain an amino group and a carboxylic acid group, and they vary by the side chain attached to their alpha carbon.