A Corporation Has $80,000 in Total Assets,$36,000 in Total Liabilities,and

question 101

Multiple Choice

A corporation has $80,000 in total assets,$36,000 in total liabilities,and a $12,000 credit balance in retained earnings.What is the balance in the contributed capital account?

• A)$56,000
• B)$44,000
• C)$48,000
• D)$32,000

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Definitions:

Loan

Borrowed funds that must be repaid with interest, used by individuals or entities to finance various activities.