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2. A company had the following transactions during September: • Provided services totaling $90,000 to customers, receiving $50,000 in cash and the balance billed to customer's accounts. Paid $18,000 in wages to employees who worked during the month of September. • Received a $2,500 bill for September's advertising which will be paid for in October Collected $20,000 of the accounts receivable . Paid $10,000 for the August utility bill. Determine the company's net income for September: A. $69,500 B. $29,500 C. $72,000 D. $89,000 E. $59,500

2. A company had the following transactions during September: • Provided services totaling $90,000 to customers, receiving $50,000 in cash and the balance billed to customer's accounts. Paid $18,000 in wages to employees who worked during the month of September. • Received a $2,500 bill for September's advertising which will be paid for in October Collected $20,000 of the accounts receivable . Paid $10,000 for the August utility bill. Determine the company's net income for September: A. $69,500 B. $29,500 C. $72,000 D. $89,000 E. $59,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. A company had the following transactions during September: • Provided services totaling $90,000 to customers, receiving $50,000 in cash and the balance billed to customer's accounts. Paid $18,000 in wages to employees who worked during the month of September. • Received a $2,500 bill for September's advertising which will be paid for in October Collected $20,000 of the accounts receivable . Paid $10,000 for the August utility bill. Determine the company's net income for September: A. $69,500 B. $29,500 C. $72,000 D. $89,000 E. $59,500
Transcribed Image Text:2. A company had the following transactions during September: • Provided services totaling $90,000 to customers, receiving $50,000 in cash and the balance billed to customer's accounts. Paid $18,000 in wages to employees who worked during the month of September. • Received a $2,500 bill for September's advertising which will be paid for in October Collected $20,000 of the accounts receivable . Paid $10,000 for the August utility bill. Determine the company's net income for September: A. $69,500 B. $29,500 C. $72,000 D. $89,000 E. $59,500
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