Mofro's Computer Repair Shop Started the Year with Total Assets

question 89

Multiple Choice

Mofro's Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro paid dividends of $50,000. The net income reported by Mofro's Computer Repair Shop for the year was

• A) $100,000.
• B) $150,000.
• C) $200,000.
• D) $250,000.

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Definitions:

Finite Population

A population set that contains a limited number of distinct units or elements.

Hypergeometric Probability

The probability of obtaining a specific number of successes in a finite population without replacement, ideal for modeling scenarios where the probability changes on each draw.

Denotes Success

Indicates the achievement or accomplishment of a specified goal or criterion.

Denotes Failure

Indicates an instance or condition of not meeting a desired or intended objective, often used in the context of tests or experiments.