Revenue on account amounted to $7.200. Cash collections of accounts receivable amounted to $4,700. Expenses for the period were $3,700. The company paid dividends of $1,250. What was the amount otinet income for the period? Multiple Choice $3,500 $3,450 $1.000

Revenue on account amounted to $7.200. Cash collections of accounts receivable amounted to $4,700. Expenses for the period were $3,700. The company paid dividends of $1,250. What was the amount otinet income for the period? Multiple Choice $3,500 $3,450 $1.000

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Description: Revenue on account amounted to $7,200, Cash collections of accounts receivable amounted to $4,700. Expenses for the period were $3,700. Thecompany paid dividends of S1,250. What was the amount otinet income for the period?Multiple Choice$3,500$3,450

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

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.13MCE: Reconstructing a Beginning Account Balance During the month, services performed for customers on...

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Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
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