Benedict Company Compiled the Following Financial Information as of December

question 11

Multiple Choice

Benedict Company compiled the following financial information as of December 31, 2014: $$\begin{array} { l r } \text { Service revenue } & \$ 560,000 \\\text { Common stock } & 120,000 \\\text { Equipment } & 160,000 \\\text { Operating expenses } & 500,000 \\\text { Cash } & 140,000 \\\text { Dividends } & 40,000 \\\text { Supplies } & 20,000 \\\text { Accounts payable } & 80,000 \\\text { Accounts receivable } & 60,000 \\\text { Retained earnings, } 1 / 1 / 14300,000\end{array}$$ Benedict's assets on December 31, 2014 are

• A) $940,000.
• B) $680,000.
• C) $320,000.
• D) $380,000.

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Definitions:

Ticket Prices

The amount charged for admission to an event or access to a service.

Initial Value

The starting monetary or numerical value of an asset or investment before any gains, losses, or other changes.

Percent Change

A measure that denotes the degree of change over time, calculated by subtracting the original value from the new value, then dividing by the original value and multiplying by 100 to get a percentage.

Percent More

A relative increase from one value to another expressed as a percentage.