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Sue performs services for Lynn. Regarding this arrangement, use the legend provided to classify each statement.
a. Indicates employee status.
b. Indicates independent contractor status.
-Sue uses her own helpers.
Rent Revenue Receivable
This is income that a company expects to receive from properties it rents out but has not yet collected.
Adjusting Entry
An accounting record created at the conclusion of a financial period for the purpose of assigning earnings and costs to the period they were incurred.
Net Income
The total profit of a company after all expenses and taxes have been deducted from total revenue; also known as net earnings.
Earnings Per Share
A company's profit divided by the outstanding shares of its common stock, indicating the company's profitability on a per-share basis.
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