Shareholders of Forest Glen Corporation Have Received $35,000 in Dividends

question 26

Multiple Choice

Shareholders of Forest Glen Corporation have received $35,000 in dividends in the current year.At year end the corporation has total assets of $500,000, total liabilities equal to $300,000, and contributed capital totaling $100,000.If retained earnings at the beginning of the year was $80,000, what was Forest Glen's net income for the current year?

• A)$80,000
• B)$215,000
• C)$55,000
• D)$10,000
• E)$45,000

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Definitions:

Femoral Pulse

The palpable beat of the heart that can be felt over the femoral artery, usually in the groin area, used to assess circulation to the lower body.

Popliteal Pulse

The pulse felt at the back of the knee, an indicator of blood flow through the popliteal artery and into the lower leg.

Systolic Auscultation Gap

Refers to a phenomenon where, during blood pressure measurement, sounds disappear for a while between the systolic and diastolic pressures.

Blood Pressure (BP)

The force exerted by circulating blood upon the walls of blood vessels, typically measured via the arterial system.