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:

Stem-and-Leaf Display

A graphical method used to display quantitative data where each number is split into a stem (the leading digits) and a leaf (the last digit).

Simpson's Paradox

A phenomenon in statistics where a trend appears in several different groups of data but disappears or reverses when these groups are combined.

Aggregated Crosstabulation

A statistical method used to analyze and summarize data between two or more categorical variables in a table format.

Unaggregated Data

Raw data collected at its most detailed or base level, not yet summarized or grouped into larger categories.