Jimmy's Repair Shop Started the Year with Total Assets of $300,000

question 144

Multiple Choice

Jimmy's Repair Shop started the year with total assets of $300,000 and total liabilities of $240,000.During the year, the business recorded $630,000 in revenues, $330,000 in expenses, and dividends of $60,000.The net income reported by Jimmy's Repair Shop for the year was

• A)$240,000.
• B)$300,000.
• C)$180,000.
• D)$570,000.

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Definitions:

Effector

An organ or cell that acts in response to a stimulus, often leading to a physiological response in the body.

Reaction Time

The duration between the presentation of a stimulus and the initiation of the muscular response to that stimulus.

Knee-Jerk Response

A reflex action of the leg moving away from a stimulus, specifically a quick kick generated by tapping the tendon below the kneecap.

Quadriceps Tendon

A tendon that connects the quadriceps muscle to the patella (kneecap) allowing for knee extension.