Lena Company Has Provided the Following Data (Ignore Income Taxes)

question 15

Multiple Choice

Lena Company has provided the following data (ignore income taxes) : 2016 revenues were $99,000.
2016 expenses were $47,800.
Dividends declared and paid during 2016 totaled $9,500.
Total assets at December 31, 2016 were $177,000.
Total liabilities at December 31, 2016 were $89,000.
Common stock at December 31, 2016 was $28,000.
Which of the following is not correct?

• A)2016 net income was $51,200.
• B)Total stockholders' equity at December 31, 2016 was $88,000.
• C)Total liabilities and stockholders' equity at December 31, 2016 was $177,000.
• D)Retained earnings on December 31, 2016 were $41,700.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.