During Its First Year of Operations,a Company Entered into the Following

question 78

Multiple Choice

During its first year of operations,a company entered into the following transactions: Borrowed $20,000 from the bank by signing a promissory note.
Issued stock to owners for $40,000.
Purchased $4,000 of supplies on account.
Paid $1,600 to suppliers as payment on account for the supplies purchased.
What is the amount of total liabilities at the end of the year?

• A)$24,000
• B)$62,400
• C)$64,000
• D)$22,400

Comprehend the role and application of human data-entry technologies.

Understand the conceptual and practical differences between primary and secondary storage.

Recognize the significance of source-data automation technologies.

Grasp the strategic use of hardware in achieving business and technical objectives.

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Definitions:

Ethical Rule

A guideline or standard that directs moral conduct within a specific profession, especially in law or medicine.

Situations

Circumstances or sets of conditions existing at a certain time and place.

Model Rules

A set of ethical guidelines adopted by some legal associations as a framework for professional conduct.

Confidentiality Rule

A legal or ethical principle that requires individuals or entities to keep certain information secret and not disclose it to unauthorized parties.