Pick-it-out Custom Services ("PIO") provides the following alphabetic list of selected account balances on the dates indicated, all account balances are normal: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Equipment Interest Payable Notes Payable Prepaid Advertising Expense Supplies Unearned Revenue Wages Payable 12/31/20X1 10,000 15,000 40,000 5,000 115,000 5,000 70,000 15,000 5,000 12,000 5,000 12/31/20X2 8,000 20,000 55,000 8,000 115,000 4,000 50,000 12,000 3,000 8,000 7,000 Assume PIO declared and paid dividends during the twelve months ended 12/31/20X2 of $15,000 and collected new owner contributions of capital during this same time period in the amount of $10,000. Select the answer below that shows PIO's net income the twelve months ended 12/31/20X2. A. $13,000 B. $25,000 C. $18,000 D. $8,000 E. NOTA

Pick-it-out Custom Services ("PIO") provides the following alphabetic list of selected account balances on the dates indicated, all account balances are normal: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Equipment Interest Payable Notes Payable Prepaid Advertising Expense Supplies Unearned Revenue Wages Payable 12/31/20X1 10,000 15,000 40,000 5,000 115,000 5,000 70,000 15,000 5,000 12,000 5,000 12/31/20X2 8,000 20,000 55,000 8,000 115,000 4,000 50,000 12,000 3,000 8,000 7,000 Assume PIO declared and paid dividends during the twelve months ended 12/31/20X2 of $15,000 and collected new owner contributions of capital during this same time period in the amount of $10,000. Select the answer below that shows PIO's net income the twelve months ended 12/31/20X2. A. $13,000 B. $25,000 C. $18,000 D. $8,000 E. NOTA

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...

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