Use the Following Information for Questions
O' Hara Company

question 111

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, liabilities total

• A) \(£ 16,000\).
• B) \(£ 26,000\).
• C) \(£ 37,000\).
• D) \(£ 41,000\).

---

Definitions:

Faith-Based Businesses

Enterprises that are grounded in and operate according to the principles of a particular faith or religious set of beliefs, often integrating moral and ethical considerations into business practices.

Compensation

The total amount of the monetary and non-monetary pay provided to an employee by an employer in return for the work performed as required.

Benefits Packages

A combination of non-wage compensations provided to employees in addition to their salaries or wages, including health insurance, paid time off, retirement plans, and more.

Incentive Compensation

A performance-based payment system where rewards are offered to employees for meeting certain targets or achievements.