The Total Assets and the Total Liabilities of Paragon Services

question 140

Multiple Choice

The total assets and the total liabilities of Paragon Services are shown below.During the year,no additional capital contributions were made,and the business earned net income of $50,000. $\begin{array}{|l|r|r|} \hline& \text { Assets } & \text { Liabilities } \\\hline \text { Beginning of year } & \$ 395,000 & \$ 290,000 \\\hline \text { End of year } & 455,000 & 320,000\\\hline\end{array}$ What was the amount of drawings taken during the year?

• A) $85,000
• B) $40,000
• C) $45,000
• D) $20,000

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Definitions:

Cultural Competency

The capability to comprehend, value, and engage with individuals from diverse cultures or belief systems distinct from one’s personal background.

Communication Skills

The ability to convey information to another effectively and efficiently, through mediums like writing, speaking, listening, and non-verbal gestures.

New Cultures

The experience or exploration of societies, traditions, or lifestyles that are different from one's own.

Intercultural Communication

The process of exchanging meaningful information between individuals or groups from different cultural backgrounds.