At the Beginning of Year 2, X Company Had Assets

question 143

Multiple Choice

At the beginning of Year 2, X Company had assets of $300, liabilities of $150, and common stock of $50. During Year 2, the company earned revenue of $500, incurred expenses of $200, and paid dividends of $50. All transactions were cash transactionsThe amount of net income reported on X Company's December 31, Year 2 income statement would be

• A) $500
• B) $300
• C) $250
• D) None of these answers are correct.

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Definitions:

Cognitive Needs

Cognitive needs are the mental requirements of an individual for understanding, discovering, and making sense of the world around them.

Hierarchy of Needs

A theory by Abraham Maslow outlining a pyramid of human needs, from basic physiological needs to the need for self-actualization.

Metapathology

The study or theory of underlying psychological dysfunction or disease.

Self-Actualizing Person

A term coined by Abraham Maslow referring to an individual who has achieved the highest level of psychological development and is fully realizing their potential.