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

question 34

Multiple Choice

Gatto Production Services started the year with total assets of $120,000 and total liabilities of $65,000.The revenues and the expenses for the year amounted to $110,000 and $50,000,respectively.During the year,the company did not issue any common stock,but it distributed dividends of $70,000.Calculate Gatto's net income for the year.

• A)$60,000
• B)$110,000
• C)$50,000
• D)$120,000

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Definitions:

Effeminate

A term often used pejoratively to describe a man displaying characteristics traditionally associated with femininity.

Gay Identity

The self-identification of a person as being homosexual, recognizing and accepting one's own sexual orientation towards the same sex.

Sensitization

The process of becoming more responsive or sensitive to a stimulus after repeated exposure to it.

Dissociation

A psychological condition where there is a disconnection and lack of continuity between thoughts, memories, surroundings, actions, and identity.