If Assets of Martin's Pet Store Are $107,000 and Owners

question 74

Multiple Choice

If assets of Martin's Pet Store are $107,000 and owners' equity is $75,000, which of the following statements is correct?

• A) The current assets are worth $32,000.
• B) The new income for the period is $32,000.
• C) The long-term liabilities are $75,000.
• D) The liabilities are $32,000.

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Definitions:

Neck Tumor

A growth or lump in the neck area that can be benign or malignant, requiring medical evaluation for diagnosis and treatment.

Unaffected Side

The side of the body or the part of an organ that remains normal or is not impacted by disease or injury.

Inguinal Lymph Nodes

These are a group of lymph nodes located in the inguinal (groin) area, which filter fluid and potentially harmful particles from the legs and groin area.

Palpable

Something that can be felt with the hands or fingers, such as a lump or mass within the body.