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

question 116

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 assets at the end of the year is:

• A)$52,500.
• B)$54,000.
• C)$52,000.
• D)$53,500.

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Definitions:

mL

Milliliter, a unit of volume in the metric system equal to one thousandth of a liter.

Units

A standard quantity in terms of which other quantities may be expressed.

Used Needles

Needles that have been utilized for injection or aspiration and must be disposed of in specific containers to prevent injury and disease transmission.

Syringes

Medical devices used to inject or withdraw fluids, consisting of a needle and a body that holds the fluid.