Use the Information Given Below to Answer the Following Questions

question 12

Multiple Choice

Use the information given below to answer the following questions:
During 2012, Bull Ltd earned revenues of $500 and incurred expenses of $650. Retained profits at 1 January 2012 were $400, and at 31 December 2012 they were $225. At 31 December 2012, assets totalled $1125 and share capital $300. There were no transfers to reserves during 2012.
-What was the dividend declared by Bull Ltd during the year?

• A) $25
• B) $175
• C) $325
• D) $50.

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Definitions:

Written Document

A tangible representation of information or contractual terms that has been penned or printed on paper or similar material, serving as evidence or record.

Agent Negotiation Rule

A principle that stipulates how agents can negotiate on behalf of their principals to create binding agreements.

Statute of Frauds

A legal provision requiring certain types of contracts to be written and signed to be enforceable.

Discharged Debt

A debt that has been fully paid off or legally settled, releasing the debtor from further obligations.