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Luis Consulting Started the Year with Total Assets of $60000

question 169

Multiple Choice

Luis Consulting started the year with total assets of $60000 and total liabilities of $17000. During the year the business recorded $48000 in consulting revenues and $36000 in expenses. Luis made an additional investment of $8000 and withdrew cash of $9000 during the year. The net income reported by Luis Consulting for the year was:


Definitions:

Endocarditis

Inflammation of the inner layer of the heart, often affecting the heart valves.

Heart Wall

The heart wall is the muscular structure that composes the heart, consisting of three layers: the epicardium, the myocardium, and the endocardium.

Mediastinum

An anatomical region in the thorax that separates the lungs and contains the heart, esophagus, trachea, and other structures.

Base

Molecule that is a proton acceptor; any substance that binds to hydrogen ions. Lower part or bottom of a structure; the base of the heart is the flat portion directed posteriorly and superiorly; veins and arteries project into and out of the base, respectively.

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