Dynamic Production Services Started the Year with Total Assets of $120,000

question 140

Multiple Choice

Dynamic Production Services started the year with total assets of $120,000 and total liabilities of $55,000. The revenues and the expenses for the year amounted to $100,000 and $80,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $50,000. Calculate Dynamic's net income for the year.

• A) $20,000
• B) $100,000
• C) $80,000
• D) $120,000

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Definitions:

Unanimous Agreement

A decision or conclusion reached with the approval and consent of all parties or members involved.

Criminal Trials

Judicial proceedings where an individual is accused of committing a crime and the matter is presented before a judge or jury for determination of guilt.

Higher Standard Of Proof

The requirement to provide more substantial evidence in a legal case to meet a more stringent level of proof.

Motion To Suppress

A formal request made to a court to exclude certain evidence from being considered during a trial on the grounds that it was improperly obtained.