If Total Liabilities Are $98,000 and Owner's Equity Is $150,000

question 56

Multiple Choice

If total liabilities are $98,000 and owner's equity is $150,000, total assets would be:

• A)$52,000.
• B)$248,000.
• C)$98,000.
• D)$300,000.

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Definitions:

Analytic Thought

Refers to the cognitive process of breaking down complex information or comprehensive data into fundamental parts or basic principles.

Concrete Operational

A stage in Piaget's theory of cognitive development, occurring around age 7 to 11, when children gain a better understanding of mental operations and physical quantities.

Intuitive

Relating to knowing or understanding something without the need for conscious reasoning; instinctive.

Conventional

Adhering to accepted standards and norms, especially in a way that lacks originality.