Dynamic Production Services Started the Year with Total Assets of $130,000

question 101

Multiple Choice

Dynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000.The company is a sole proprietorship.The revenues and the expenses for the year amounted to $100,000 and $60,000,respectively.During the year,there were no new capital contributions and the owner withdrew $45,000.Calculate Dynamic's net income for the year.

• A) $40,000
• B) $100,000
• C) $60,000
• D) $130,000

Recognize the significance of standing plans and their applications.

Understand the concept of strategic planning and its importance in setting long-term organizational goals.

Grasp the benefits and processes of scenario planning and its impact on organizational flexibility and preparedness.

Identify the various planning techniques that organizations use to improve performance, including benchmarking and management by objectives.

---

Definitions:

Tender

An offer by a party in a contract to perform, along with being ready, willing, and able to perform, a duty outlined in that contract.

Conforming Goods

Goods that meet the specifications and quality standards outlined in a purchase contract.

Course of Dealing

The behavior and pattern of actions between parties that establishes a common basis for understanding their conduct in executing agreements.

Nonconforming Goods

Goods delivered under a sales contract that fail to meet the quality or specifications agreed upon by the seller and buyer.