The Total Assets and the Total Liabilities of Smart Financial

question 111

Multiple Choice

The total assets and the total liabilities of Smart Financial Services are shown below.The company issued no common stock and paid no dividends during the year. $$\begin{array} { | l | r | r | } \hline & \text { Assets } & \text { Liabilities } \\\hline \text { Beginning of year } & \$ 405,000 & \$ 270,000 \\\hline \text { End of year } & 455,000 & 300,000 \\\hline\end{array}$$ What was the amount of net income for the year?

• A)$50,000
• B)$30,000
• C)$20,000
• D)$80,000

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Definitions:

Labor Unions

Organizations that represent workers in negotiating with employers over wages, working conditions, and rights.

Human Resources

The division of a business that deals with recruiting, hiring, training, and managing employees, focusing on policies and systems to maximize workforce efficiency.

Line Managers

Managers who are directly responsible for overseeing the performance of employees and the day-to-day operations of the business.

Labor Unions

Organizations that represent the collective interests of workers in negotiations with employers.