On December 31, 2001, Virginia Laboratories Had Assets of $235,000

question 143

Multiple Choice

On December 31, 2001, Virginia Laboratories had assets of $235,000 and owners equity of $84,000. We can conclude that on December 31, 2001, Virginia Laboratories balance sheet showed:

• A)Total liabilities of $151,000.
• B)Suffered a net loss of $151,000.
• C)Experienced a cash inflow of $319,000.
• D)Paid a dividend of $3.00 per share.

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Definitions:

Budgeted Cost

An estimate of expenses or costs that are planned for a specific period in the future.

Production Estimates

These are predictions or forecasts about the volume of production expected to be achieved in a specified future period.

Ideal Standards

Standards set under perfect or ideal conditions, used for comparison with actual performance to gauge efficiency and productivity, though often unattainable in practice.

Optimum Performance

The highest level of efficiency, productivity, or effectiveness that can be achieved in a specific context.