Jimmy's Repair Shop Started the Year with Total Assets of $300,000

question 144

Multiple Choice

Jimmy's Repair Shop started the year with total assets of $300,000 and total liabilities of $240,000.During the year, the business recorded $630,000 in revenues, $330,000 in expenses, and dividends of $60,000.The net income reported by Jimmy's Repair Shop for the year was

• A)$240,000.
• B)$300,000.
• C)$180,000.
• D)$570,000.

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Definitions:

Impulse Transmission

The process by which nerve signals are passed along neurons through the release and reception of neurotransmitters across synapses.

Neurotransmitters

Chemical substances that transmit signals across a synapse from one neuron to another in the nervous system.

Sciatic Nerve

The largest nerve in the human body, running from the lower back down through the buttock and into the lower limb, responsible for sensation and movement in the leg.

Phagocytes

Cells within the body capable of engulfing and absorbing bacteria and other small cells and particles.