On January 31, an Entity's Balance Sheet Showed Net Assets

question 11

Multiple Choice

On January 31, an entity's balance sheet showed net assets of $1,025 and liabilities of $225. Stockholders' equity on January 31 was:

• A) $800
• B) $1,025
• C) $1,250
• D) $225

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Definitions:

Spending Variance

This is the difference between the actual amount spent on a budget item and its planned or budgeted amount.

Wages And Salaries

Compensation paid to employees for their work or services.

Planning Budget

A financial plan that estimates the revenue and expenses for a specific period in the future.

Births

The occurrence of being born; the start of life as a physically separate being.