Use the information presented below to calculate net income.

Cash	$ 50,720	Consulting revenue	$ 54,000
Accounts receivable	44,720	Salaries expense	11,200
Office supplies	10,500	Rent expense	19,100
Office equipment	40,000	Telephone expense	1,720
Land	88,000	Miscellaneous expenses	1,040
Accounts payable	21,000

	A.	$22,660.
	B.	$29,720.
	C.	$(60).
	D.	$23,700.
	E.	$20,940.

Garcia Publishing had annual revenues of $188,000, expenses of $105,200, and dividends of $19,200 during the current year. The retained earnings account before closing had a balance of $300,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

	A.	Debit Income Summary $82,800; credit Retained Earnings $82,800
	B.	Debit Income Summary $63,600; credit Retained Earnings $63,600
	C.	Debit Retained Earnings $63,600; credit Income Summary $63,600
	D.	Debit Retained Earnings $82,800; credit Income Summary $82,800
	E.	Debit Retained Earnings $300,000; credit Income Summary $300,000

Identify the false statement.

	A.	Accounts receivable arise from credit sales.
	B.	Accounts receivable are increased by billings to customers.
	C.	Accounts receivable are classified as assets.
	D.	Accounts receivable are held by a seller.
	E.	Accounts receivable are increased by customer payments.