For a Given Year,beginning and Ending Total Liabilities Were $8,400

question 81

Multiple Choice

For a given year,beginning and ending total liabilities were $8,400 and $10,000,respectively.At year-end,owners' equity was $26,000 and total assets were $2,000 larger than at the beginning of the year.If new capital stock issued exceeded dividends by $2,400,net income (loss) for the year was apparently

• A) ($2,800).
• B) ($2,000).
• C) $400.
• D) $2,800.

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Definitions:

Gain From Trade

The gain from trade refers to the increase in consumer and producer surplus that results from an open market, allowing countries or individuals to specialize in production and exchange.

Carrots

Commonly known as a root vegetable, orange in color, and widely used in cooking for its sweet flavor and nutritional value.

Peas

A small green seed or the seed-pod of the Pisum sativum, commonly consumed as a vegetable.

Defend

To protect or uphold against challenge or criticism.