A Corporation Has Year End 2001 and 2002 Retained Earnings

question 61

Multiple Choice

A corporation has year end 2001 and 2002 retained earnings balances of $320,000 and $400,000,respectively. The firm reported net income after taxes of $100,000 in 2002. The firm paid dividendsin 2002 of___________ .

• A) $0
• B) $20,000
• C) $100,000
• D) $80,000

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Definitions:

Central Traits

Key characteristics of a person's personality that are considered fundamental to their behavior and identity.

Cardinal Trait

A personality characteristic that is so dominant in an individual's personality that it influences nearly every act; according to Gordon Allport’s theory of personality.

Ruling Passion

A dominant interest or driving force that significantly influences a person's decisions and actions throughout their life.

Common Traits

Traits possessed in some degree by all persons.