Foxes Service Shop Started the Year with Total Assets of $320000

question 156

Multiple Choice

Foxes Service Shop started the year with total assets of $320000 and total liabilities of $240000. During the year the business recorded $630000 in revenues $450000 in expenses and owner drawings of $60000. The net income reported by Foxes Service Shop for the year was

• A) $140000.
• B) $180000.
• C) $200000.
• D) $270000.

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Definitions:

Integral

A term relating to something that is necessary to make a whole complete; essential or fundamental.

Contextual Stimuli

Environmental or situational factors that can influence individuals' perception, behavior, or emotional response in a given context.

Focal Stimuli

Specific factors, situations, or stimuli within the environment that directly influence an individual's response or behavior in a particular context.

Self-Awareness

The conscious knowledge of one’s own character, feelings, motives, and desires, key to personal development and interpersonal relationships.