Mobile Power Corp

question 130

Multiple Choice

Mobile Power Corp.reported the following information for the year ended December 31, 2015. What was the retained earnings balance for Mobile Power at December 31, 2014?

• A)$ 165,000
• B)$ 168,000
• C)$ 182,000
• D)$ 192,000

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Definitions:

Assets

Economic resources owned or controlled by a business, expected to provide future benefits.

Supplies

Items or materials used in the operation of a business, often consumable in nature.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, essentially the net assets owned by the proprietors.

Liability

Financial obligations or debts that a company owes to others, which need to be settled over time through the transfer of economic benefits including money, goods, or services.