[The Following Information Applies to the Questions Displayed Below

question 80

Multiple Choice

[The following information applies to the questions displayed below.]

Nelson Company experienced the following transactions during Year 1, its first year in operation.

Acquired $12,000 cash by issuing common stock
Provided $4,600 of services on account
Paid $3,200 cash for operating expenses
Collected $3,800 of cash from customers in partial settlement of its accounts receivable
Paid a $200 cash dividend to stockholders

-What is the amount of total assets that will be reported on the balance sheet as of December 31,Year 1?

• A)$12,400
• B)$12,600
• C)$13,400
• D)$13,200

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Definitions:

Dependent Variables

Variables in an experiment or model that are affected by changes in the independent variables, typically outcomes or results being measured.

Categorical Variable

A variable that can take on one of a limited, and usually fixed, number of possible values, assigning each individual or other entity to a particular group or nominal category.

Dummy Variables

Variables created to include categorical data in regression models, converting categories to a numerical form.

Confidence Intervals

Ranges within which a population parameter is estimated to lie with a certain level of confidence, often used to indicate the reliability of an estimate.