On January 1, Year 2, Chavez Company Had Beginning Balances

question 23

Multiple Choice

On January 1, Year 2, Chavez Company had beginning balances as follows: During Year 2, Chavez paid dividends to its stockholders of $2,000. Given that ending retained earnings was $6,000, what was Chavez's net income for the Year 2?

• A) $3,000
• B) $5,000
• C) $7,000
• D) $2,000

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Definitions:

Companion Cells

Specialized cells found in the phloem of plants that support the function of sieve tube elements.

Translocation

The process by which substances are transported inside a plant or the movement of chromosomes or segments of chromosomes to new positions during cell division.

Transpiration

The method through which water moves inside plants from the roots to tiny openings on the lower side of the leaves, where it transforms into vapor and gets emitted into the air.

Mutualistic Relationships

Interactions between two species where both benefit and often depend on one another for survival or for certain benefits.