During 2016,JLK Ltd Earned Revenue of $2000 and a Net

question 44

Multiple Choice

During 2016,JLK Ltd earned revenue of $2000 and a net profit of $500.Dividends of $400 were declared.At 1 January 2016,the balance of retained profits was $890,assets were $3800 and liabilities were $1500.What was the balance of JLK Ltd's retained profits at 31 December 2016?

• A) $790
• B) $890
• C) $990
• D) $2490

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Definitions:

Decision-making Processes

The steps involved in choosing among alternatives to address a problem or capitalize on an opportunity.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, investments dictated by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.

Marginal Cost

The cost of producing one additional unit of a good or service, which can change depending on the level of production.

Costume Party

A social gathering where participants wear costumes and often engage in themed activities, not a term typically associated with economics.