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:

Clusters

Groups of similar items, people, or events that are positioned closely together, often implying some shared characteristics.

Inflexible

Lacking flexibility; unable to change or adapt to new situations or perspectives.

Maladaptive

Behaviors or thoughts that are counterproductive and interfere with an individual’s ability to effectively cope with stress, challenges, or goals.

Impaired Functioning

A reduction in the ability to perform daily tasks and activities effectively, often due to physical, mental, or emotional disabilities or conditions.