Revenues Were $170,000, Expenses Were $90,000, and Cash Dividends Were

question 48

Multiple Choice

Revenues were $170,000, expenses were $90,000, and cash dividends were $30,000. What was the net income and the change in retained earnings for the period?

• A)Net income was $50,000; the change in retained earnings was $50,000.
• B)Net income was $80,000; the change in retained earnings was $50,000.
• C)Net income was $80,000; the change in retained earnings was $80,000.
• D)Net income was $250,000; the change in retained earnings was $250,000.

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Definitions:

Implicit

Something implied or understood though not directly expressed.

Explicit

Something clearly and directly expressed or demonstrated, leaving no room for confusion or interpretation.

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A state of well-being in which an individual is free from illness, injury, or pain, and can perform physical activities effectively.

Fundamental Attribution Error

The tendency to overemphasize personal characteristics and ignore situational factors in judging others' behavior.