Quantum Systems had the following financial data for the period: Revenue on account: $6,500 Cash collections of accounts receivable: $3,200 Expenses for the period: $3,000 Dividends paid: $600 what is the net income for the period? A. $3,500 B. $2,900 C. $2,400 D. $2,700

Quantum Systems had the following financial data for the period: Revenue on account: $6,500 Cash collections of accounts receivable: $3,200 Expenses for the period: $3,000 Dividends paid: $600 what is the net income for the period? A. $3,500 B. $2,900 C. $2,400 D. $2,700

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Internal Control And Cash

Section: Chapter Questions

Problem 5PEA: Financial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b....

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Question

What is the net income for the period of this financial accounting question?

Quantum Systems had the following financial data for the period:
Revenue on account: $6,500 Cash collections of accounts
receivable: $3,200 Expenses for the period: $3,000 Dividends
paid: $600 what is the net income for the period?
A. $3,500
B. $2,900
C. $2,400
D. $2,700

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