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  3. phone co. reported the following account balances

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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