. Read each statement below carefully. Write only the letter of your answer in a sheet of paper. 1. Revenue account used by a law firm is: A. Rents B. Sales C. Service fees D. None of the above -2. The following businesses are examples of those earning SERVICE INCOME EXCEPT: A. Blogging B. Car Wash C. Computer rentals D. Schools _3. Ashley sells clothes thru online to customers. If she was able to sell a total of P10,000 worth of clothes but 2 customers promised to pay for items they bought worth P2,000 after 2 days and the cost of the items sold is P6,000, how much is the net income of Ashley? A. P2,000.00 B. P4,000.00 C. P8,000.00 D. P10,000.00 4. A company bought 5 computers worth P30,000 each with a useful life of 5 years and no realizable value at the end of its useful life. How much is the value of the 5 computers after 4 years if the company uses the straight-line method of depreciation? A. P6,000 B. P30,000 C. P120,000 D. P150,000 5. The following are deducted from Gross Revenue in an Income Statement to come up with the Net Income EXCEPT: A. Cost of Sales C. Income Tax B. Earned Service Fee D. Operating Expenses