Team Shirts,Inc

question 153

Multiple Choice

Team Shirts,Inc.had the following balances on its balance sheet: During 2012,Team Shirts had revenues of $500,000 and expenses of $420,000.No new stock was issued.The amount of dividends for 2012 was ________.

• A)$130,000
• B)$50,000
• C)$10,000
• D)$80,000

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Definitions:

Majority

Indicates more than half of a particular group or quantity, often used to describe the greater part of a total number.

Disaffirm

To assert the invalidity of; often related to contracts or agreements, indicating a refusal to recognize them as binding.

Uniform Commercial Code

A set of laws that govern commercial transactions in the United States, aimed at making business laws more consistent across states.

Minor

A person under the age of legal adulthood, which varies by jurisdiction but is typically 18 years old in many countries.