c. 70.0%

d. 5.2%

1 pointi A small consulting firm had the following transactions over a two-month period, December 20X6 and January 20X7, and no other transactions. Client services were performed and billed during December 20X6 for total fees of $98,000. Or this amount, $75,000 was collected in December 20X6 and the balance was collected in January 20X7. Expenses incurred to service these clients during December 20X6 were $70,000, of which $30,000 was paid in December 20X6 and the remaining S40,000 was paid in January 20X7. Using an accrual-based approach, what was the net income for the month of December 20X6? 2. 545,000 b. $28,000 c. $68,000 d.$5,000 QUESTION 19 1 points Fashion Retailers, Inc.'s income statement for the year ended December 31, 20X8 included the following accounts: Sales.......... $72,000,000 Cost of goods sold................. 550.400,000 Selling expenses (total)..................................$12,000,000 General and administrative expenses.............................58.000.000 Income tax expense. .........5480,000 What was the gross profit ratio for the year-ended December 31, 20X8? 10. 06 1.6% Question Completion Status: Fashion Retailers, Inc.'s income statement for the year ended December 31, 20X8 included the following accounts: Sales... Cost of goods sold.... Selling expenses (total)... General and administrative expenses. Income tax expense.... $72,000,000 .......$50,400,000 .$12,000,000 ...$8,000,000 ....$480,000 What was the net income for the year-ended December 31, 20X8? a. $1,120,000 b. $2,500,000 c. $1,600,000 d. $21,600,000 QUESTION 21 Which of the following items is a capital expenditure (as opposed to revenue expenditures)? a Buying factory equipment b. Paying advertising costs c. Paying routine repair and maintenance costs d. Paying wages