A Company Which Lost Part of Its Accounting System in a Fire

question 15

Multiple Choice

A company which lost part of its accounting system in a fire is having trouble determining what its net income is for the current year. The following correct adjusted balances and additional information for the current year are available: $$\begin{array} { | l | l | l | } \hline & \text { Balances at Jan. 1 } & \text { Balances at DeC. 31 } \\\hline \text { Total as sets } & \$ 10,000 & \$ 27,000 \\\hline \text { Total liabilities } & 3,000 & 8,000 \\\hline\end{array}$$ Additional information for the year: $$\begin{array} { | l | l | } \hline \text { Stock dividend declared and distributed: } & \$ 5,000 \\\hline \text { Correction of prior years' error (cr.) : } & 2,000 \\\hline \text { Cash dividends declared and distributed: } &7,000 \\\hline\end{array}$$ Other than earnings and the events listed above, no other events or transactions affected owners' Equity in the current year. What was net income for the current year?

• A) $12,000
• B) $22,000
• C) $17,000
• D) $16,000

Identify the types of archival research and their unique characteristics.

Understand the ethical considerations in observational and archival research.

Understand content analysis and its applications in research.

Recognize the various methods of archival research and their specific uses.

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Definitions:

Structuralist

An approach in psychology that aimed to understand the structure of the mind by analyzing its components.

Organism Sleeps

A state of rest for a living organism where consciousness is suspended and metabolic activities are reduced.

Cognitive Perspective

A psychological approach that emphasizes mental processes such as perception, memory, and problem-solving.

Sociocultural Perspective

A psychological approach that emphasizes social and cultural influences on behavior.