Native Dave's Consultants Had the Following Balance Sheet Amounts at the Beginning

question 180

Multiple Choice

Native Dave's Consultants had the following balance sheet amounts at the beginning of the year: During the year,total assets increased by $100,000 and total liabilities increased by $40,000.The company also paid $30,000 in dividends.No other transactions occurred except revenues and expenses.How much is net income for the year?

• A)$30,000
• B)$60,000
• C)$70,000
• D)$90,000

Understand the role and structure of subsidiary ledgers in accounting systems.

Identify the appropriate journal for various types of transactions including operational and financial activities.

Grasp the concept and importance of specialized journals in organizing financial information.

Analyze and interpret business transactions and their impact on company financial statements.

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Definitions:

Synergy

The combined effect of a group that exceeds the sum of the effects of the individual parts.

Intimacy

A close, familiar, and usually affectionate or loving personal relationship with another person or group.

Complementary Traits

Personality characteristics that enhance or bring out the best qualities in another person.

Introverted

Characterized by a preference for focusing on internal thoughts and feelings rather than seeking external stimulation.