Luis Consulting Started the Year with Total Assets of $60000

question 235

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. Owner's equity changed by what amount from the beginning of the year to the end of the year?

• A) $3000.
• B) $11000.
• C) $12000.
• D) $45000.

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Definitions:

World 3.0

A world where nations balance cooperation in the global economy with national identities and interests.

Global Integration

The process of interconnecting different nations and regions of the world through economic, financial, political, and cultural exchanges.

Importing

The selling in domestic markets of products acquired abroad.

International Market

refers to the exchange of goods, services, and capital across national borders, involving businesses or consumers in more than one country.