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:

Libido

A term used to describe sexual drive or desire, often influenced by psychological, social, and biological factors.

Superego

A component of Sigmund Freud's psychoanalytic theory, representing the moral part of the mind that internalizes societal rules and standards.

Dominant Part

The component within a system or relationship that holds primary influence or control over the others.

Sexual Instinct

Sexual Instinct is the innate or biological drive related to sexual activity and reproduction.