A Company Started the Year with the Following: Assets $100,000;

question 131

Multiple Choice

A company started the year with the following: Assets $100,000; Liabilities $30,000; Common Stock $60,000; Retained Earnings $10,000.During the year, the company earned revenue of $5,000, all of which was received in cash, and incurred expenses of $3,000, all of which were unpaid as of the end of the year.In addition, the company paid dividends of $1,000 to owners.Assume no other activities occurred during the year.
-Use the information above to answer the following question.The amount of liabilities at the end of the year is

• A) $30,000.
• B) $33,000.
• C) $28,000.
• D) $32,000.

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Definitions:

Hallucinogenic

Substances that cause altered states of perception, thought, and feeling, leading to hallucinations.

Cocaine

A powerful stimulant drug derived from the leaves of the coca plant, often used recreationally for its effects on energy and mood.

Dopamine

A neurotransmitter involved in controlling the brain's reward and pleasure centers, as well as regulating movement and emotional responses.

Norepinephrine

A neurotransmitter and hormone involved in the body's fight or flight response, affecting attention, responses to stress, heart rate, and blood pressure.