Use the Following Information as of December 31 to Determine

question 60

Multiple Choice

Use the following information as of December 31 to determine equity. Cash…………………… 57,000
Buildings........................ 175,000
Equipment…………….. 206,000
Liabilities……………… $141,000

• A) $57,000.
• B) $141,000.
• C) $297,000.
• D) $438,000.
• E) $579,000.

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Definitions:

Unconditional Promise

A commitment or guarantee without any stipulations or requirements, fully binding upon the issuer.

Fixed Amount

A fixed amount refers to a set, unchanging figure or sum, often used in financial contexts to denote a specified sum of money that does not vary.

Forges

Facilities or workshops where metal is heated and shaped, or the act of illegally copying or imitating something, such as documents or signatures.

Liable

Subject to legal responsibility for one's actions or omissions, potentially leading to civil or criminal penalties.