Fat Possum's Service Shop Started the Year with Total Assets

question 59

Multiple Choice

Fat Possum's Service Shop started the year with total assets of $330,000 and total liabilities of $2400,000. During the year, the business recorded $630,000 in revenues, $420,000 in expenses, and paid dividends of $60,000. The net income reported by Fat Possum's Service Shop for the year was

• A) $150,000.
• B) $210,000.
• C) $240,000.
• D) $270,000.

---

Definitions:

Frequent

Occurring or done on many occasions, in many cases, or in quick succession.

Volunteer Work

Activities or tasks performed willingly by individuals without financial compensation for the benefit of the community.

Accomplishments

Achievements or tasks successfully completed, often showcasing skills, effort, or competence.

True Function

The genuine or intended purpose and operation of something, often as designed or theorized.