Ashley's Accessory Shop Started the Year with Total Assets of $140,000

question 51

Multiple Choice

Ashley's Accessory Shop started the year with total assets of $140,000 and total liabilities of $80,000. During the year the business recorded $220,000 in revenues, $110,000 in expenses, and dividends of $40,000. The net income reported by Ashley's Accessory Shop for the year was

• A) $80,000.
• B) $100,000.
• C) $130,000.
• D) $110,000.

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Definitions:

Brown Macules

Flat, brown spots on the skin often resulting from sun exposure, aging, or genetic factors, usually harmless but sometimes cosmetically concerning.

Extraocular Muscles

The muscles outside the eye that control eye movements.

CNs III, IV, VI

The oculomotor (III), trochlear (IV), and abducens (VI) cranial nerves, which control eye movements and pupil constriction.

Cataracts

A medical condition where the lens of the eye becomes progressively opaque, resulting in blurred vision.