Given the Following Adjusted Tabular Summary Amounts Net Income for the Year Is:
A)$99

question 46

Multiple Choice

Given the following adjusted tabular summary amounts: $\begin{array} { l r } \text { Cash } & \$ 831 \\\text { Accounts receivable } & 1,049 \\\text { Inventory } & 1,562 \\\text { Prepaid rent } & 43 \\\text { Equipment } & 150 \\\text { Accumulated depreciation-equipment } & 26 \\\text { Accounts payable } & 41 \\\text { Unearned service revenue } & 61 \\\text { Common stock } & 103 \\\text { Retained earnings } & 3,305 \\\text { Service revenue } & 184 \\\text { Interest revenue } & 28 \\\text { Salaries and wages expense } & 80 \\\text { Travel expense } & 33\end{array}$ Net income for the year is:

• A)$99.
• B)$184.
• C)$212.
• D)$298.

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Definitions:

Modernization Theory

A theory which suggests that as societies undergo economic development, they will also experience cultural and social changes that lead them towards becoming more 'modern' or industrialized.

Industrialized Nations

Countries that have highly developed industries, infrastructure, and advanced technological capabilities, resulting in a high standard of living.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods determined mainly by competition in a free market.

Command Economy

An economic system where key economic decisions, such as allocation and distribution of resources, are made by the government.