Total Assets and Total Liabilities Were $31,000 and $26,000 Respectively

question 74

Multiple Choice

Total assets and total liabilities were $31,000 and $26,000 respectively at the beginning of the period. Assets increased by 20% and liabilities increased by 10% during the period. What is the owner's equity at the end of the period?

• A)$8,600
• B)$65,800
• C)$290
• D)$5,000

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Definitions:

Renewable Sources

Sources of energy that are naturally replenished on a human timescale, such as sunlight, wind, and water flows.

Phasing

The process of implementing or carrying out activities or projects in stages over time.

Renewable Energy Sources

Forms of energy that can be regenerated and are considered environmentally friendly, such as solar, wind, hydroelectric, and geothermal energy.

National Security

Measures and policies implemented by a state to ensure its survival, safety, and interests in the face of external and internal threats.