Astoria Co

question 6

Multiple Choice

Astoria Co. had the following transactions during the month of August, 2010:
* Cash received from bank loans was $20,000.
* Dividends of $9,500 were paid to shareholders in cash.
* Revenues earned and received in cash amounted to $33,500
* Expenses incurred and paid were $26,000
-Refer to the above data. What amount of profit will be reported on an income statement for the month of August, 2010?

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

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Definitions:

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