If Beringer Company's Liabilities Are $18,000 and Its Owner's Equity

question 119

Multiple Choice

If Beringer Company's liabilities are $18,000 and its owner's equity is $12,000, the company's assets total

• A) $6,000.
• B) $30,000.
• C) $18,000.
• D) $12,000.

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Definitions:

Form 1099-INT

A tax form used in the United States to report interest income from banks and other financial institutions.

Financial Institution

Organizations that conduct financial transactions, such as banks, credit unions, insurance companies, and investment firms.

Alimony

Payments made to a spouse or ex-spouse under a divorce or separation agreement. It is considered taxable income for the recipient and tax deductible for the payor.

Divorce Agreement

A legal document outlining the division of assets, spousal support, and other arrangements agreed upon by individuals undergoing a divorce.