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:

Winning Price

The final price at which a good or service is sold in an auction or competitive bidding process.

Low-value

Describes goods or services that have minimal worth or importance, often reflected in their low price or perceived utility.

High-value Bidders

Participants in an auction or competitive bidding process who are willing to offer significantly higher prices for assets or goods compared to average bidders.

Winning Bid

The highest offer made in an auction that is accepted by the seller, resulting in a sale.