At the End of Its First Month of Operations, Michael's

question 74

Multiple Choice

At the end of its first month of operations, Michael's Consulting Services, Inc. reported net income of $25,000. They also had account balances of: Cash, $18,000; Office Supplies, $2,000 and Accounts Receivable $10,000. The stockholders' total investment for this first month was $5,000. Calculate the ending balance in Stockholders' Equity to be reported on the Balance Sheet.

• A)$30,000
• B)$25,000
• C)$20,000
• D)$5,000
• E)$7,000

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Centrifuge

A device used to spin a specimen at high speed until it separates into its component parts.

Hemoglobin determination

A laboratory test used to measure the amount of hemoglobin in the blood, which is crucial for diagnosing and managing various medical conditions.

Platelet count

A blood test measure to determine the number of platelets in a given volume of blood, important in assessing clotting capability and diagnosing various conditions.

Blood Specimen

A sample of blood taken for testing, analysis, or use in medical diagnosis.