Total Assets at the End of the Period Were $330,000

question 15

Multiple Choice

Total assets at the end of the period were $330,000 and liabilities were 25% of owner's equity. Determine owner's equity at the end of the period.

• A)$264,000
• B)$132,000
• C)$462,000
• D)$825,000

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Definitions:

Periodic Instalment

Regular, scheduled payments made over time to repay a debt.

Unpaid Balance

The remaining amount of money that has not been paid on a loan or debt.

Contingent Liability

A potential financial obligation that depends on a future event that is not certain to happen.

ASPE

Accounting Standards for Private Enterprises; a set of accounting principles and guidelines designed specifically for private companies in Canada.