Find Net Income Using the Following Transactions

question 61

Multiple Choice

Find net income using the following transactions.
1) Bill Co.paid $2,000 for one month rent
2) Bill Co.paid $1,200 for two weeks wages
3) Bill Co.performed $5,200 in consulting services on account
4) Bill Co billed a customer $1,500 for services performed
5) Bill Co.received $5,200 in payment for item 3
6) Bill Co performed services and immediately collected $2,000
7) Bill Co.paid $500 for advertising in the local paper

• A)$10,200
• B)$ 5,000
• C)$ 8,700
• D)$13,900
• E)$ 7,000

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Definitions:

Syntax

The set of rules, principles, and processes that govern the structure of sentences in a given language, including word order.

Innate Ability

Natural talents or capabilities that a person is born with, as opposed to skills learned from experience.

Chomsky

Chomsky, Noam Chomsky, is a linguist, philosopher, and cognitive scientist who revolutionized the field of linguistics by introducing concepts such as the theory of universal grammar.

Heuristics

Heuristics are cognitive shortcuts or rules of thumb that simplify decision making by allowing individuals to solve problems and make judgments quickly and efficiently.