Luis Consulting Started the Year with Total Assets of $60000

question 235

Multiple Choice

Luis Consulting started the year with total assets of $60000 and total liabilities of $17000. During the year the business recorded $48000 in consulting revenues and $36000 in expenses. Luis made an additional investment of $8000 and withdrew cash of $9000 during the year. Owner's equity changed by what amount from the beginning of the year to the end of the year?

• A) $3000.
• B) $11000.
• C) $12000.
• D) $45000.

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Definitions:

Evaluate Solutions

The process of assessing the effectiveness, feasibility, and potential impact of proposed solutions to a problem.

Integrative Agreements

Integrative agreements are solutions in negotiations that involve collaborative efforts to find mutually beneficial outcomes, often by expanding the resources or options available.

Primary Reason

The main or most important cause or motive behind an action or event.

Negotiators

Individuals or parties involved in a discussion aimed at reaching an agreement or resolving a problem.