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:

Stress

A physical, mental, or emotional factor that causes bodily or mental tension and may be a factor in disease causation.

Central

Pertaining to the main or most important parts; often used to describe core functions or areas within a system or body.

Autonomic Nervous System

The part of the nervous system that controls involuntary bodily functions such as heart rate, digestion, and breathing.

Involuntary Muscles

Muscles that operate without conscious control, involved in functions such as heartbeat and digestion.