At the Beginning of the Fiscal Year, the Balance Sheet

question 5

Multiple Choice

At the beginning of the fiscal year, the balance sheet showed assets of $2,728 and stockholders' equity of $1,672.During the year, assets increased $148 and liabilities decreased $76. Liabilities at the end of the year totaled:

• A)$980
• B)$1,056
• C)$1,672
• D)$1,820

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Definitions:

Nature

The inherent qualities or characteristics of something, or the physical world collectively, including plants, animals, landscapes, and other features and products of the earth as opposed to humans or human creations.

Assignment

The act of transferring rights, duties, or property from one party to another.

Internal Legal Memoranda

Documents used within a law firm or legal department to communicate analysis, research findings, and recommendations regarding legal issues or cases.

Pleadings

The formal written statements of the plaintiff and defendant in a lawsuit that detail their respective claims and defenses.