Following Is a List of Account Balances (Except for Owner's

question 96

Multiple Choice

Following is a list of account balances (except for owner's capital) of Wilson Mowing Service as of December 31 of the first year of operation: The proprietor, J.D. Wilson, contributed $3,000 at the beginning of the year; during the year, the proprietor made $12,000 in drawings.
At the end of the year, what is the amount of total owner's equity?

• A)$11,900
• B)$24,100
• C)$21,200
• D)$12,200

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Definitions:

Per-Capita Consumption

The average consumption of goods or services per person within a specific population or area.

Population

The sum of individuals living in a specific region or nation.

Total Fertility Rate

The typical amount of children a woman is expected to have throughout her life, based on present fertility rates.

Replacement Rate

The ratio of a retiree's pension benefit to their earning before retirement, often used to measure the adequacy of retirement income.