Yowell Company Began Operations on January 1, Year 1

question 82

Multiple Choice

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:
1) issued stock for $76,0002) borrowed $43,000 from its bank3) provided consulting services for $75,000 cash4) paid back $33,000 of the bank loan5) paid rent expense for $18,0006) purchased equipment for $30,000 cash7) paid $4,800 dividends to stockholders8) paid employees' salaries of $39,000
What is Yowell's net income for Year 1?

• A) $57,000
• B) $18,000
• C) $13,200
• D) $34,200

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Definitions:

HOMO

Highest Occupied Molecular Orbital; the electron orbital with the highest energy level that is occupied by electrons in a molecule under ground state conditions.

Mechanism

A detailed description of the step-by-step process by which chemical reactions occur, including the breaking and formation of bonds.

Endo Rule

A guideline in Diels-Alder reactions predicting that the endo product is preferred for thermodynamic or kinetic reasons.

Diels-Alder

A synthetic chemical reaction between a conjugated diene and a substituted alkene, known as the dienophile, to form a cyclic product.