The Assets and Liabilities of Bennett Designs at December 31

question 125

Multiple Choice

The assets and liabilities of Bennett Designs at December 31, the end of the current year, and its revenue and expenses for the year are listed below. What were the total assets on December 31?

• A)$238,060
• B)$236,390
• C)$309,840
• D)$33,430

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Definitions:

Iced Tea

A chilled form of tea, often sweetened and served with ice, popular as a refreshing beverage.

Budget Constraint

The limitations on the consumption bundles that a consumer can afford given their income and the prices of goods.

Consumption Possibilities

The set of all consumption bundles that can be consumed given a consumer’s income and prevailing prices.

Budget Line

A graphical representation of all possible combinations of two goods that an individual can afford given their income and the prices of the goods.