As of June 30, 2009, Dallas Company Has Assets of $100,000

question 118

Multiple Choice

As of June 30, 2009, Dallas Company has assets of $100,000 and owner's equity of $5,000. What are the liabilities for Dallas Company as of June 30, 2009?

• A) $85,000
• B) $90,000
• C) $95,000
• D) $100,000

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Definitions:

Operating System

The software that manages the hardware and software resources of a computer system and provides common services for computer programs.

Large Profits

Substantial earnings exceeding the costs of production and operation of a business.

Innovation

The process of creating new ideas, products, or methods, which can significantly change market dynamics or societal practices.

Annual Interest Rate

The percentage of the principal amount of a loan that is charged as interest to the borrower for one year.