Allen Marks Is the Sole Stockholder of Great Marks Company

question 151

Multiple Choice

Allen Marks is the sole stockholder of Great Marks Company. As of the end of its accounting period, December 31, 2011, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2012, Allen Marks purchased an additional $65,000 of capital stock and received $45,000 in cash dividends from the business. What is the amount of net income during 2012, assuming that as of December 31, 2012, assets were $995,000, and liabilities were $270,000?

• A) $ 65,000
• B) $ 50,000
• C) $105,000
• D) $370,000

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Definitions:

Radioactive Tracers

Substances containing a radioactive atom to track the movement of those substances through bodily systems or chemical reactions for diagnostic purposes.

Radioactive Contrast

A type of contrast dye containing radioactive materials used in medical imaging to improve the visibility of internal bodily structures and functions.

Subarachnoid Space

An area between the arachnoid mater and the pia mater.

Spinal Cord

is the main pathway for information connecting the brain and peripheral nervous system, running down from the brain through the backbone.