Use the Following Information for Questions

question 171

Multiple Choice

Use the following information for questions
Carla's Computer Repair Shop started the year with total assets of $360,000 and total liabilities of $240,000.During the year, the business recorded $600,000 in computer repair revenues, $340,000 in expenses, and the company paid dividends of $60,000.
-Total equity changed by what amount from the beginning of the year to the end of the year?

• A)$60,000.
• B)$260,000.
• C)$120,000.
• D)$200,000.

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Definitions:

Communism

A political and economic ideology advocating for the establishment of a classless society where all property is publicly owned and each person works and is paid according to their abilities and needs.

Conservatism

A political and social philosophy that promotes retaining traditional social institutions in the context of culture and civilization, often emphasizing respect for authority and resistance to change.

Gender Conflict

The tension and struggle between genders, often arising from differences in societal roles, power inequality, and individual rights.

Engels

Friedrich Engels was a 19th-century German philosopher, social scientist, and author, who co-developed Marxist theory with Karl Marx.