Mofro's Computer Repair Shop Started the Year with Total Assets

question 57

Multiple Choice

Mofro's Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000.During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro paid dividends of $50,000.The net income reported by Mofro's Computer Repair Shop for the year was

• A)$100,000.
• B)$150,000.
• C)$200,000.
• D)$250,000.

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Definitions:

Synaptic Gaps

Tiny spaces between neurons where neurotransmitters are released to allow signals to pass from one neuron to another, facilitating neural communication.

Dizygotic Origin

Pertains to twins who are born from two different eggs fertilized by two different sperm, also known as fraternal twins.

Identical Phenotypes

Individuals that have the same observable characteristics or traits, often as a result of shared genetics in identical twins.

Diverse Heredities

Refers to the variety of genetic material inherited from parents across different organisms, emphasizing the range of genetic differences.