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

question 10

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. Stockholders' equity at the end of the year was

• A) $200,000.
• B) $100,000.
• C) $250,000.
• D) $300,000.

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Definitions:

North America

A continent located in the Northern Hemisphere, largely in the Western Hemisphere, and bounded by the Arctic Ocean, Atlantic Ocean, Pacific Ocean, and the Caribbean Sea.

Europe

A continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere, known for its rich history, cultural diversity, and economic influence.

Japan

An island country located in East Asia known for its rich culture, advanced technology, and historical significance.

Chief Regulator

The main or leading authority responsible for overseeing and enforcing rules and regulations within a sector or industry.