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:

Culture Traditions

Practices, beliefs, and objects that are passed down through generations, which help to define a particular group or society.

Genes

Units of heredity made up of DNA, acting as instructions to make molecules called proteins, influencing individual characteristics and biological processes.

Chromosomes

Fibrous elements found within the nucleus of plant and animal cells, consisting of protein and one DNA molecule, which bear genetic details.

Gender Schemas

Cognitive structures that influence how individuals perceive, interpret, and interact based on societal gender roles and expectations.