Glendale Corporation had the following transactions in Augus

Glendale Corporation had the following transactions in August:

Earned $5,000 of revenues on account; collected $5,000 from a customer for services provided last month; incurred $500 of repair expense and paid cash; paid $600 for rent that it owed from

A) $500
B) $5,000
C) $9,500
D) $4,500

ANSWER

D .Net income = Revenue – Expenses = $5,000 – $500 = $4,500.