Using the Following Balance Sheet and Income Statement Data What

question 80

Multiple Choice

Using the following balance sheet and income statement data what is the total amount of working capital? $$\begin{array}{l}\begin{array} { l r l r } \text { Current assets } & \$ 32,000 & \text { Net income } & \$ 42,000 \\\text { Current liabilities } & 16,000 & \text { Stockholders' equity } & 78,000 \\\text { Average assets } & 160,000 & \text { Total liabilities } & 42,000\end{array}\\\text { Total assets } \quad 120,000\end{array}$$

• A)$8000
• B)$32000
• C)$10000
• D)$16000

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Definitions:

Republican President

A President of the United States who is a member of the Republican Party, one of the two major political parties in the U.S., known for its conservative policies.

Prohibition

The legal act of prohibiting the manufacture, transportation, and sale of alcohol, most famously enacted in the United States from 1920 to 1933.

Andrew Mellon

Andrew Mellon was an American banker, businessman, industrialist, philanthropist, art collector, and politician who served as the U.S. Secretary of the Treasury from 1921 to 1932.

Treasury

A government department responsible for managing the monetary resources, including revenue and expenditure, of a country or state.