The Total Assets and the Total Liabilities of Paragon Services

question 5

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. 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:

Myringotome

A surgical instrument used for making an incision in the eardrum, typically to relieve pressure or allow drainage.

Myringotomy

A surgical procedure that involves making a small incision in the eardrum to relieve pressure or drain fluid.

Myringoplasty

Surgical repair of a hole or tear in the eardrum (tympanic membrane) to improve hearing and prevent water from entering the middle ear.

Auditory-Evoked Response

A measure of the brain's response to sound, used in hearing tests to assess auditory nerve and brainstem function.