The Balance Sheet for Jim's Hardware Has the Following Items

question 44

Multiple Choice

The balance sheet for Jim's Hardware has the following items listed. Current Liabilities, $25,345; Long -Term Debt, $100,000; Total Liabilities, $125,345; Total Assets, $325,490. What is the Owner's Equity for this company?

• A) $200,145
• B) $25,345
• C) $225,490
• D) Cannot calculate with the information provided.

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Definitions:

Vacuum Power Brake

A brake booster that uses a vacuum to multiply the force the driver applies to the brake pedal, reducing effort and improving response.

Vacuum Booster

A device that uses engine vacuum to increase the force applied to the brake pedal, thereby enhancing braking power and efficacy.

Electronic Stability Control

A safety technology that automatically detects and reduces loss of traction (skidding), helping to prevent the vehicle from veering off course.

Antilock Brake Systems

A safety system in vehicles that prevents the wheels from locking up during braking, allowing the driver to maintain steering control.