General Accounting Revenue on account amounted to $7,500. Cash collections of accountsreceivable amounted to $3,800. Expenses for the period were $3,200.The company paid dividends of $600. Net income for the period was:A) $4,300B) $3,700C) $4,900D) $3,100

Step 1: Define Net IncomeNet income is the amount of profit a company earns after deducting all…

Answered: Revenue on account amounted to $7,500.…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.17E

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Revenue on account amounted to $7,500. Cash collections of accounts receivable amounted to $3,800. Expenses for the period were $3,200. The company paid dividends of $600. Net income for the period was: A) $4,300 B) $3,700 C) $4,900 D) $3,100