Bologna Lodging Had the Following Accounts and Balances as of December

question 217

Multiple Choice

Bologna Lodging had the following accounts and balances as of December 31: $\begin{array}{l}\begin{array}{lll} \text {Account}\\ \text {Cash}\\ \text {Accounts Receivable}\\ \text {Salaries Expense}\\ \text {Accounts Payable}\\ \text {Lodging Revenue}\\ \text {Utilities Expense}\\ \text {Prepaid Insurance}\\ \text {Supplies}\\ \text {Common Stock}\\ \text {Retained Earnings}\\ \text {Totals}\\\end{array}\begin{array}{lll} \text {Debit }&\text {Credit}\\\$ 20,000 & & \\2,000 & & \\500 & & \\& \$ 4,000 \\& 7,000 \\500 & & \\1,400 & & \\1,500 & & \\& 10,000 \\\underline { \quad\quad\quad\quad }& \underline { 4,900}\\\underline { \$ 25,900}&\underline { \$ 25,900}\\\end{array}\end{array}$ Using the information in the table, calculate the total assets reported on Bologna's balance sheet for the period.

• A) $ 24,900.
• B) $ 25,400.
• C) $ 22,500.
• D) $ 25,900.
• E) $ 23,400.

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Definitions:

Forest Fire

Uncontrolled fire occurring in woodland or bush areas, which can have both destructive and beneficial effects on ecosystems.

Succession

The progressive, natural change in an ecosystem's species composition over time, leading to ecological stability.

Facilitation Model

A concept in ecology where some species make conditions more suitable for the establishment and growth of other species in a habitat.

Tolerance Model

is a theory in ecology that describes how the ability of a species to tolerate environmental stress affects its success and distribution.