Jimmy's Repair Shop Started the Year with Total Assets of $200,000

question 222

Multiple Choice

Jimmy's Repair Shop started the year with total assets of $200,000 and total liabilities of $160,000. During the year the business recorded $420,000 in revenues, $220,000 in expenses, and dividends of $40,000. The net income reported by Jimmy's Repair Shop for the year was

• A) $160,000.
• B) $200,000.
• C) $120,000.
• D) $380,000.

---

Definitions:

Taste Aversion

A learned response to eating spoiled or toxic food, leading to nausea or avoiding that food in the future.

Neutral Stimulus

A stimulus that initially produces no specific response other than focusing attention, which can become conditioned to elicit a response through association with an unconditioned stimulus.

Observational Learning

a learning process through watching others, then imitating or modeling the observed behaviors.

Taste Aversion

A learned avoidance of a particular food or drink because it was followed by a negative reaction, such as nausea or vomiting.