Allen Marks Is the Sole Stockholder of Great Marks Company

question 36

Multiple Choice

Allen Marks is the sole stockholder of Great Marks Company. As at December 31, 2013, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2014, Allen Marks purchased an additional $73,000 of capital stock and received $33,000 in cash dividends from the business. What is the amount of net income of Great Marks Company during 2014, assuming that as of December 31, 2014, assets were $995,000, and liabilities were $270,000?

• A) $ 45,000
• B) $ 50,000
• C) $106,000
• D) $370,000

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Definitions:

WTO

The World Trade Organization, an international body that deals with the rules of trade between nations.

Environmental Standards

Regulatory benchmarks established to limit pollution and protect ecosystems by controlling the emissions of harmful substances and ensuring sustainable practices.

Environmentalists

Environmentalists are people or groups who are concerned with protecting the environment from pollution and destruction and advocate for sustainable and eco-friendly practices.

Sweatshops

Workplaces, often in the clothing industry, with very poor, socially unacceptable working conditions, frequently involving the exploitation of workers.