On 31 May, After Many Months of Planning, Macy Opened

question 75

Multiple Choice

On 31 May, after many months of planning, Macy opened a bike shop by investing $10 000 of his own money. On 31 May he spent 20% of it to pay the rent for three months from 1 June on a store location, and the balance on furnishings and fixtures that had been delivered and set up the night before. A friend had loaned Macy $6000, all of which he used to purchase inventory on 31 May, prior to opening. If Macy prepared a balance sheet as at 31 May, what would be the balances for total assets and total liabilities? Total Assets Total Liabilities

• A) $10 000 $6000
• B) $14 000 $6000
• C) $16 000 $6000
• D) $16 000 $10 000

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Definitions:

Psychological Disorders

Conditions characterized by abnormal thoughts, feelings, and behaviors.

Prior-Year Mental Disorders

Refers to any psychological or psychiatric conditions diagnosed or identified in the year preceding the current period of assessment.

Diagnosed

The process of identifying a disease or condition based on a patient's symptoms and test results.

National Institute

A governmental organization focused on research, policy, or advocacy in a specific field.