Foxes Service Shop Started the Year with Total Assets of $320000

question 156

Multiple Choice

Foxes Service Shop started the year with total assets of $320000 and total liabilities of $240000. During the year the business recorded $630000 in revenues $450000 in expenses and owner drawings of $60000. The net income reported by Foxes Service Shop for the year was

• A) $140000.
• B) $180000.
• C) $200000.
• D) $270000.

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Definitions:

Self-efficacy Theory

A psychological theory asserting that individuals' belief in their own ability to succeed impacts their motivation and performance in various settings.

Motivate Patients

Encouraging individuals receiving healthcare to engage in behaviors or activities that promote their wellness and health recovery.

Emotional Arousal

The condition of feeling stimulated to action or strong emotions, such as fear, anger, or excitement.

Self-efficacy

Someone's trust in their own ability to perform actions that lead to defined achievements.