Ashley's Accessory Shop Started the Year with Total Assets of $210,000

question 54

Multiple Choice

Ashley's Accessory Shop started the year with total assets of $210,000 and total liabilities of $120,000. During the year the business recorded $330,000 in revenues, $165,000 in expenses, and dividends of $60,000. The net income reported by Ashley's Accessory Shop for the year was

• A)$120,000.
• B)$150,000.
• C)$195,000.
• D)$165,000.

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Definitions:

Active Listening

It is a communication technique that requires the listener to fully concentrate, understand, respond, and then remember what is being said.

Communication

The exchange of information, ideas, or feelings between individuals or groups, through various modes such as speech, writing, or symbolic gestures.

Effective

Being successful in producing a desired or intended result, often used to describe strategies, policies, or products that achieve their goals efficiently.

Sender

The person or entity that initiates a message or communication to a receiver.