The Balance Sheet of Copper Industries, a Producer of Copper

question 107

Multiple Choice

The balance sheet of Copper Industries, a producer of copper, showed retained earnings of $26,000 million at March 31, 20x1.At March 31, 20x2, the balance in retained earnings was $70,500 million .Copper declared dividends during the year ended March 31, 20x2, of $3,500 million.Compute Copper's net income for the year ended March 31, 20x2 (fiscal 20x1) .

• A)$41.000 million
• B)$44.500 million
• C)$48.000 million
• D)$53.500 million
• E)$58.000 million

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Definitions:

Pulmonary Trunk

The major blood vessel which splits into the left and right pulmonary arteries, carrying deoxygenated blood from the heart to the lungs.

Pulmonary Arteries

Blood vessels that carry blood from the heart to the lungs for oxygenation.

Left Atrium

One of the four chambers of the heart, receiving oxygenated blood from the lungs and pumping it into the left ventricle.

Deoxygenated Blood

Blood that has released its oxygen to the body's cells and is returning to the heart to be sent to the lungs for oxygenation.