Blue Fin Started the Current Year with Assets of $840,000,liabilities

question 152

Multiple Choice

Blue Fin started the current year with assets of $840,000,liabilities of $420,000 and common stock of $240,000.During the current year,assets increased by $480,000,liabilities decreased by $60,000 and common stock increased by $330,000.There was no payment of dividends to owners during the year. What was the amount of Blue Fin's net income for the year?

• A)$270,000
• B)$330,000
• C)$210,000
• D)$540,000

Understand the strategic considerations and potential remedies in civil litigation.

Become familiar with federal and state court systems and the considerations for choosing a venue for litigating disputes.

Understand the concept of trade-offs in the law.

Grasp the principles of statutory interpretation, judicial review, and constitutional analysis.

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Definitions:

Tax Shelters

Investment vehicles or strategies used to reduce taxable income or tax liability, legally or otherwise, often through deductions, exemptions, or deferrals.

Earnings Gap

The disparity in income between different groups of people, often based on gender, race, or educational attainment.

College Graduates

Individuals who have completed a degree program at a college or university.

High School Education

The stage of formal learning typically occurring after primary education and before tertiary education, usually for adolescents.