A Company Had the Following Balance Sheet Amounts at the Beginning

question 71

Multiple Choice

A company had the following balance sheet amounts at the beginning of the year: During the year, total assets increased by $350,000, total liabilities increased by $100,000, and dividends were paid in the amount of $300,000. No other transactions occurred except revenues and expenses. How much is net income for the year?

• A)$750,000
• B)$650,000
• C)$500,000
• D)$550,000

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Definitions:

Test Statistic

A calculated value used in statistical hypothesis testing to compare against a critical value to decide whether to reject the null hypothesis.

T Value

A statistic calculated in a T-test that measures the size of the difference relative to the variation in your sample data.

Homogeneity-of-Variance

The assumption that different samples in a study have the same variance or variability, often checked before applying certain statistical tests.

T Test

A statistical test used to compare the means of two groups and determine if there are statistically significant differences between them.