The Following Data Are Available for 2001 (In 000's)

question 40

Multiple Choice

The following data are available for 2001 (in 000's) : The income tax rate is 40 percent The balance of retained earnings at December 31,2001,was:

• A)$59
• B)$49
• C)$79
• D)$83

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Definitions:

Assignee

A person, company, or entity who is transferred the rights or interests of another's contract or property.

Privity of Contract

A legal principle that asserts a contract cannot bestow rights or impose obligations on any person who is not a party to the contract.

Intended Beneficiary

A third party to a contract whom the contracting parties intended to benefit directly from their contact.

Condominium Association Agreement

A legal document outlining the rules, regulations, and responsibilities of owning and managing condominium units within a shared property.