Native Mike's Consultants Had the Following Balance Sheet Amounts at the Beginning

question 6

Multiple Choice

Native Mike's Consultants had the following balance sheet amounts at the beginning of the year: During the year, total assets increased by $100,000 and total liabilities increased by $40,000.The company also paid $30,000 in dividends.No other transactions occurred except revenues and expenses.How much is net income for the year?

• A)$30,000
• B)$60,000
• C)$70,000
• D)$90,000

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Definitions:

Natural Selection

The mechanism of evolution proposed by Charles Darwin; the tendency of organisms that have favorable adaptations to their environment to survive and become the parents of the next generation. Evolution occurs when natural selection results in changes in allele frequencies in a population. Compare with artificial selection.

Organisms

Living beings that grow, reproduce, respond to external stimuli, and maintain homeostasis.

Hereditary Information

Genetic material passed from parents to offspring, determining inherited traits and characteristics.

Genes

Units of heredity made up of DNA, responsible for guiding the development and functioning of organisms.