Allen Marks Is the Sole Owner and Operator of Great

question 28

Multiple Choice

Allen Marks is the sole owner and operator of Great Marks Company. As of the end of its accounting period, December 31, 2013, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2014, Allen Marks invested an additional $73,000 and withdrew $33,000 from the business. What is the amount of net income 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:

Repeated Measures

Repeated measures involve using the same subjects or participants in an experiment to test a variable under different conditions or at different times, reducing variability caused by different individual characteristics.

Latin Square

A design technique in statistics for experiments with two blocking factors where each variable appears exactly once in each row and column.

Complete Counterbalancing

An experimental design technique where all possible orders of presenting stimuli are used to control for order effects.

Matched Pairs Design

A method of assigning subjects to groups in which pairs of subjects are first matched on some characteristic and then individually assigned randomly to groups.