The Following Items Are Taken from the Financial Statements of the Postal

question 41

Multiple Choice

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015: $$\begin{array} { l r } \text { Accounts payable } & \$ 18,000 \\\text { Accounts receivable } & 11,000 \\\text { Accumulated depreciation - equipment } & 28,000 \\\text { Advertising expense } & 21,000 \\\text { Cash } & 15,000 \\\text { Common stock } & 42,000 \\\text { Dividends } & 14,000 \\\text { Depreciation expense } & 12,000 \\\text { Insurance expense } & 3,000 \\\text { Note payable, due 6/30/16 } & 70,000 \\\text { Prepaid insurance (12-month policy) } & 6,000\end{array}$$ $$\begin{array} { l r } \text { Rent expense } & 17,000 \\\text { Retained earnings (1/1/15) } & 60,000 \\\text { Salaries and wages expense } & 32,000 \\\text { Service revenue } & 133,000 \\\text { Supplies } & 4,000 \\\text { Supplies expense } & 6,000 \\\text { Equipment } & 210,000\end{array}$$ What is the company's net income for the year ending December 31, 2015?

• A) $12,000
• B) $28,000
• C) $42,000
• D) $133,000

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Definitions:

Brand Position

The unique place a brand occupies in the minds of customers and how it is distinguished from competitors' brands.

Designers' Approach

The methodology or standpoint from which designers tackle problems and projects, influenced by their creative process, style, and values.

Espoused Needs

The explicitly stated desires or requirements that individuals or organizations profess to be important.