Phone Co. reported the following account balances (in thousands): Administrative expenses...
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Accounting
Phone Co. reported the following account balances (in thousands):
Administrative expenses
$66,000
Accounts receivable
140,000
Sales revenue
690,000
Selling expenses
44,000
Cost of goods sold
425,000
Cash dividends paid
80,000
How much is net income for Phone Co.?
Select one:
a. 45,000
b. 125,000
c. 265,000
d. 155,000
Copy Co. opened a new business location on April 1. During April, Copy Co. sold $150,000 of copies for cash along with $280,000 of copies on account to customers. Payments collected from these customers amounted to $212,000 during April, with the balance to be collected during May
How much revenue should Copy Co. report on its April income statement?
Select one:
a. 150,000
b. 430,000
c. 280,000
d. 212,000
Modern Resorts received $72,000 cash from its investors in exchange for shares of the companys stock.
During the same year, Modern received cash from customers for hotel rooms totaling $820,000, and distributed cash dividends to shareholders totaling $100,000.
How much is the net effect of the three events on the companys income statement?
Select one:
a. 720,000
b. 820,000
c. 748,000
d. 638,000
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