A Corporation Started Operations on January 1; the Reporting Period

question 63

Essay

A corporation started operations on January 1; the reporting period ends December 31. At the end of the year, the company's records reflected the following amounts after all adjusting entries: Sales revenue, $700,000; Cost of goods sold, $400,000; Expenses (total), $200,000; Accrued wages payable, $5,000; Accounts payable, $10,000 and Accounts receivable, $25,000.
(a) Net income, accrual basis, was $____________________.
(b) Net cash inflow from operating activities was $____________.

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Definitions:

External Rewards

Incentives provided from an external source, such as money, grades, or praise, that motivate behavior.

Perpetrators of School Violence

Individuals who initiate violent actions or behaviors within school environments.

Victims of School Violence

Individuals who experience physical, psychological, or emotional harm within a school setting due to various forms of violent behaviors.

Peer-assisted Learning

An educational practice where peers interact with each other to attain educational goals or acquire knowledge and skills.