Golden Enterprises Started the Year with the Following: Assets $50,000;Liabilities

question 153

Multiple Choice

Golden Enterprises started the year with the following: Assets $50,000;Liabilities $15,000;Common Stock $30,000;Retained Earnings $5,000.During the year,the company earned revenue of $2,500,all of which was received in cash,and incurred expenses of $1,500,all of which were unpaid as of the end of the year.In addition,the company paid dividends of $500 to owners.Assume no other activities occurred during the year. The amount of Golden's liabilities at the end of the year is:

• A)$15,000.
• B)$16,500.
• C)$14,000.
• D)$16,000.

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Definitions:

Conflict Between

A situation where opposing ideas, interests, or individuals interact, leading to tension, disagreements, or disputes that need to be resolved.

Win-lose Approach

A competitive strategy that focuses on achieving a victory or advantage at the expense or loss of the opponent.

Confrontation

A face-to-face encounter, typically involving conflict or a dispute between individuals or groups.

Problem Solving

The process of identifying an issue, obstacle, or challenge, and finding an effective solution to overcome it.