Use the Following Information for Questions

question 3

Multiple Choice

Use the following information for questions.
Financial statements for Bernard Corp. are presented below: BERNARD CORP. Total assets on the December 31, 2020 statement of financial position were $ 1,108,000. Accumulated depreciation on the equipment sold was $ 56,000.
-The balance in the Retained Earnings account at December 31, 2020 was

• A) $ 500,000.
• B) $ 440,000.
• C) $ 380,000.
• D) $ 180,000.

Recognize the importance of maintaining biodiversity and species at risk.

Understand the nature of the scientific process and its reliance on evidence, skepticism, and the testing of hypotheses.

Recognize the importance of reducing errors through standardized procedures and repeated measurements in scientific observations.

Identify the utility of mathematical and other models in scientific research, especially in predicting environmental phenomena.

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Definitions:

Collateral

An asset that a borrower offers to a lender as security for a loan, which can be seized if the loan is not repaid.

Accruals

Accounting adjustments for revenues that have been earned or expenses that have been incurred but not yet recorded.

Level of Operations

Refers to the scale of production or business activity, indicating the degree to which a company utilizes its resources.

Factoring

Factoring is a financial transaction where a business sells its accounts receivable to a third party (the factor) at a discount, to raise immediate capital.