Net income? Revenue on account amounted to $5,000. Cash collections of accountsreceivable amounted to $2,300. Expenses for the period were $2,100. Thecompany paid dividends of $450. Net income for the period was:A. $1,200.B. $2,900.C. $2,850.D. $2,450.

Step 1: Definition of Net IncomeNet income is the excess of a company's total revenue over its total…

Answered: Revenue on account amounted to $5,000.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

See similar textbooks

Similar questions

sanju
Domestic
Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts receivable were $128,640. All sales were on credit and totalled $1,682,480. Required: Determine how much cash was collected from customers.
Interest Revenue on the income statement is $3.900, beginning Interest Receivable is $360, ending Interest Receivable is $420, and Net Sales Revenue is $31,800. What is the cash receipt for interest? OA. $27,860 OB $3,100 OC. $3,140 OD. $3.860
A company had total sales revenue of $1,100,000. The beginning accounts receivable balance was $80,000, and the ending accounts receivable balance was $250,000. How much cash was collected from customers during this reporting period? A. $1,250,000 B. $1,030,000 C. $930,000 D. $870,000
Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts receivable were $302,300. Cash amounting to $2,965,000 was collected from customers' credit sales. Required: Calculate the amount of sales on account during the period.
Beginning accounts receivable were $135,600 and ending accounts receivable were $128,640. All sales were on credit and totaled $1,682,480. Determine how much cash was collected from customers.?
Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash amounting to $2,950,000 was collected from customers' credit sales. Calculate the amount of sales on account during the period.
Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending accounts receivable balance at December 31 is $300,000. Assuming cash collections from receivables totaled $1,100,000, what were credit sales for the period? A. $1,300,000 B. $1,500,000 C. $1,200,000 D. $1,100,000
Sales for the year were $400,000 General accounting
Sweeten Corporation had sales of $1,050,000. The beginning accounts receivable balance was $80,000, and the ending accounts receivable balance was $250,000. How much is the cash collected from customers for this reporting period? a. $880,000 b. $1,220,000 c. $980,000 d. $1,150,000
Beginning and ending accounts receivable are $76,000 and $42,000, respectively. Sales for the period total $384,000, of which $40,000 was directly for cash. How much cash was collected from making sales and collecting accounts receivable? a) $418,000 b) $344,000 c) $378,000 d) $376,000

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS

Revenue on account amounted to $5,000. Cash collections of accounts receivable amounted to $2,300. Expenses for the period were $2,100. The company paid dividends of $450. Net income for the period was: A. $1,200. B. $2,900. C. $2,850. D. $2,450.