Mindy's Turtle Rescue Store Has a Beginning Balance in the Equipment

question 102

Multiple Choice

Mindy's Turtle Rescue Store has a beginning balance in the equipment account of $70,000. During the year, they purchased $30,000 worth of equipment. At the end of the year, the balance in the equipment account was $80,000. The cost of the equipment that Mindy's Turtle Rescue Store sold was:

• A)$100,000.
• B)$80,000.
• C)$20,000.
• D)$180,000.

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Definitions:

Earnings Per Share

A measure of a company's profitability that calculates the portion of a company's profit allocated to each outstanding share of common stock.

Market Price

The current financial demand for buying or selling a service or asset.

Debt Issue

Refers to a financial obligation or securities, such as bonds, that are issued by a company in order to raise funds.

Capital Structures

Refers to the way a corporation finances its assets through a combination of debt, equity, or hybrid securities.