Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $705,555 Office expense 162,280 Miscellaneous expense 14,110 Wages expense 338,665 Accounts payable 17,640 Accounts receivable 49,390
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If your income increased from $23,000 to $26,000 during a period when the rate of inflation was 4 percent, your real income after the raise was: a. $23,000. b. $24,000. c. $25,000. d. $26,000.
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