The Balance Sheet for Greeley Contracting Shows Assets Totaling $207,000

question 16

Multiple Choice

The balance sheet for Greeley Contracting shows assets totaling $207,000 and liabilities totaling $95,000. Which of the following statements is correct?

• A) Owners' equity equals $182,000.
• B) Current assets are worth $92,000.
• C) Net income for the period is $112,000.
• D) Owners' equity equals $112,000.

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