A Company Reported the Following Asset and Liability Balances at the End

question 80

Multiple Choice

A company reported the following asset and liability balances at the end of 2013 and 2014: $$\begin{array} { l r r } & \underline { 2013 } & \underline { 2014 } \\\text { Total Assets } & \$ 6,800,000 & \$ 7,600,000 \\\text { Total Liabilities } & 3,200,000 & 3,600,000\end{array}$$ During 2014, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. How much was the 2014 net income?

• A) $400,000.
• B) $480,000.
• C)$350,000.
• D)$300,000.

Describe different forms of product advertisements and their objectives.

Explain the use and effectiveness of point-of-purchase displays.

Understand the forms and purposes of institutional advertising.

Explain media selection terminology and the role of media buyers.

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Definitions:

Units Produced

The total number of complete products that a manufacturing facility has finished producing during a specified period.

Period Costs

Expenses that are incurred on a regular basis and are not directly tied to the production process, such as selling, general, and administrative expenses.

Financial Reporting

The process of disclosing financial information and statements to management, investors, and regulators to reflect a company's financial performance and position.

Units Sold

The total number of product units that have been sold during a specific time period.