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:

Standard Hours

The predetermined amount of time expected to complete a unit of work or job, serving as a benchmark for productivity and performance measurement.

Actual Output

The real quantity of goods or services produced by a company during a specific period.

Labour Efficiency Variance

The difference between the actual labor hours worked and the standard hours planned, multiplied by the standard labor rate.