Juan Scored 10 Points Higher on His Midterm and 26

question 56

Multiple Choice

Juan scored 10 points higher on his midterm and 26 points higher on his final than he did on his first exam.If his mean (average) score was 45, what was his score on the first exam?

• A) 32
• B) 40
• C) 33
• D) 31
• E) 35

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Definitions:

Consolidated Income Statement

A consolidated income statement is a financial statement that aggregates the financial performance of a company and its subsidiaries.

Net Income

The amount of profit remaining in a company after all expenses, taxes, and costs have been subtracted from total revenue.

Accrual-Based Net Income

The net income of a company calculated based on accrual accounting, recognizing revenues when earned and expenses when incurred, regardless of cash flow.