Jimmy's Repair Shop Started the Year with Total Assets of $200,000

question 127

Multiple Choice

Jimmy's Repair Shop started the year with total assets of $200,000 and total liabilities of $160,000. During the year the business recorded $420,000 in revenues, $220,000 in expenses, and dividends of $40,000. Stockholders' equity at the end of the year was

• A) $240,000.
• B) $200,000.
• C) $160,000.
• D) $180,000.

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Definitions:

Chemical Mediators

Substances released by cells in the body that regulate physiological functions by mediating cell-to-cell communication.

Inflammation

A natural process of the body's immune system, responding to infection or injury by producing pain, heat, redness, and swelling.

Blood Vessels Permeability

A measure of how easily substances can pass through the wall of blood vessels from the bloodstream to the tissues.

Edema

Refers to the swelling caused by excess fluid trapped in the body's tissues.