Use the Following Information for Questions

question 52

Multiple Choice

Use the following information for questions
Plumbers-on-the-Go Ltd.started the year with total assets of $120,000 and total liabilities of $75,000.During the year, the business recorded $82,000 in service revenues, $45,000 in expenses, and paid dividends of $2,500.
-The net income reported for the year was

• A)$34,500.
• B)$37,000.
• C)$45,000.
• D)$82,000.

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Definitions:

AIDS Research

The scientific study focused on understanding, treating, and preventing AIDS (Acquired Immunodeficiency Syndrome) and its causative agent, HIV.

Cognitive Dissonance

The uneasy psychological state of having two or more opposing beliefs, ideas, or values concurrently.

Festinger and Carlsmith

Researchers known for their 1959 cognitive dissonance experiment which demonstrated how individuals seek consistency among their cognitions.

Counterattitudinal Behaviour

Actions that contradict one's own beliefs or attitudes, often used in experiments to explore cognitive dissonance.