1 pts A company had credit sales af S45,000 and cash sales of $25,000 during the month of May. Also during May, the company paid wages of 522,000 and utilities of $8,000. It also received payments from customers on account totaling $5.000. What was the company's net income for the month? $20.000 O $40,000 O $48.000 O 515,000 1 pts On Jan 10, a business collected a 52,200 payment from a customer who had purchased merchandise an account. What journal entry is needed on this date? O Dehe Accounts Payable for $2.200 and pract Revenue for $2.200 O Dob Accounts Receivable for $2,200 and crada Rovanie for 52,200. O Debit Cash for 52 200 and choot wenn for $2.200. O Debit Cash for $2.200 and credit Accounts Receivable for $2.200 1 pts On November 1, Gavin Company paid six months insurance in advance bataling S4,000. The policy begins on November 1. An adjusted trial balance prepared on December 31 would include a balance in the Prepaid Insurance account of O 51.000 O $1,800 O $4,000 O $3,200 1 pts Which of the following statements about financial accounting is false? O Financial accounting catered to al usergroups, including managers, tax authontics, and investors O Financial accounting primarily seeks to provide us formation to existing and potential investors onders, and other cradors O Financial Accounting helps solve agency problems between cantal providers and company managers O Financial accounting helps reduce information imbalances between company insiders and company Outsiders