Elston Company Compiled the Following Financial Information as of December

question 74

Multiple Choice

Elston Company compiled the following financial information as of December 31, 2014: $$\begin{array} { l r } \text { Service revenue } & \$ 700,000 \\\text { Common stock } & 150,000 \\\text { Equipment } & 200,000 \\\text { Operating expenses } & 625,000 \\\text { Cash } & 175,000 \\\text { Dividends } & 50,000 \\\text { Supplies } & 25,000 \\\text { Accounts payable } & 100,000 \\\text { Accounts receivable } & 75,000 \\\text { Retained earnings, } 1 / 1 / 14375,000\end{array}$$ Elston's assets on December 31, 2014 are

• A) $1,175,000.
• B) $850,000.
• C) $400,000.
• D) $475,000.

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Definitions:

Chinese Markets

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American Businessmen

Entrepreneurs and professionals engaged in commercial, industrial, or professional activities in the United States.

Tea

A beverage made by steeping dried leaves of the tea plant (Camellia sinensis) in hot water, known for its cultural and historical significance across the world.

Opium

A narcotic obtained from the poppy plant, historically used for its analgesic and euphoric properties, and central to several historic conflicts such as the Opium Wars.