Question 48 The following information was taken from the financial statements of

ID: 2513665 • Letter: Q

Question

Question 48

The following information was taken from the financial statements of the Shaun Corporation. All dollar amounts are in billions.

$250

$300

$400

$750

$200

$20

$320

Determine the net dollar amount by which the Corporation's resources changed through management operations in 2002.

$80

$400

$60

$300

Liabilities, 12/31/02

$250

Retained Earnings, 12/31/02

$300

Revenues 1/1/02-12/31/02

$400

Assets, 12/31/02

$750

Common Stock, 12/31/02

$200

Dividends, 1/1/02-12/31/02

$20

Expenses, 1/1/02-12/31/02

$320

Calculate Determine the net dollar amount by which the Corporation's resources changed through management operations in 2002

net income = revenue-expense

= 400-320

net income = 80

Change = 80-20 = 60

soanswer is c) $60

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