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1 PHOTOTEC, INC.

Schedule of Cash Receipts
Cash Sales June $250,000
Collections on Accounts Receivable
May 31st balance 72,000
June 155,000
Total Cash Receipts $227,000
...

The balance sheet of Phototec, Inc. a distributor of photographic supplies, as of May 31 is given below:
PHOTOTEC, INC,
Way 31
Assets
Cash $ 8,000
Accounts receivable 72,000...

Income can be consider fixed; as in Salary or variable as in Wages. For example, a production manager's salary is fixed while a laborer's wages may depend on how many hours are worked and/or how many...