Fat Possum's Service Shop Started the Year with Total Assets

question 142

Multiple Choice

Fat Possum's Service Shop started the year with total assets of $330,000 and total liabilities of $240,000.During the year, the business recorded $630,000 in revenues, $420,000 in expenses, and paid dividends of $60,000. Stockholders' equity at the end of the year was

• A)$90,000.
• B)$240,000.
• C)$300,000.
• D)$360,000.

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Definitions:

Action Potential

A rapid rise and fall in electrical potential across a cell's membrane, resulting in nerve signal transmission.

Myelinated Neurons

Neurons covered with myelin sheath, enhancing the speed at which electrical impulses propagate along the nerve fiber.

Neural Transmission

The process by which neurons communicate with each other through synapses, using chemical or electrical signals.

Myelinated Axons

Axons that are coated with a protective layer of myelin, which helps to speed the transmission of electrical signals along the nerve cells.