Use the Following Information for Questions
O' Hara Company

question 4

Multiple Choice

Use the following information for questions
O' Hara Company began operations on December 1, 2011.Presented below is selected information related to O' Hara Company at December 31, 2011. $$\begin{array} { l r l r } \text { Office Equipment } & £ 40,000 & \text { Utilities Expense } & £ 6,000 \\\text { Cash } & 14,000 & \text { Accounts Receivable } & 27,000 \\\text { Service Revenue } & 108,000 & \text { Wages Expense } & 47,000 \\\text { Rent Expense } & 13,000 & \text { Notes Payable } & 10,000 \\\text { Accounts Payable } & 16,000 & \text { Dividends } & 15,000 \\\text { Share Capital } & 28,000 & &\end{array}$$
-At December 31, 2011, assets total

• A)\(£ 54,000\).
• B) \(£ 70,000\).
• C) \(£ 81,000\).
• D) \(£ 97,000\) .

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Definitions:

Stock Issuance Costs

Expenses associated with the issuance of new shares of stock, such as legal, accounting, and underwriting fees.

Consolidated Long-term Liabilities

The total amount of long-term debts that a company reports on its balance sheet, including all of its subsidiaries.

Voting Shares

Voting shares are shares of stock in a company that grant the shareholder the right to vote on corporate matters, typically in proportion to the number of shares held.