Use the Information Given Below to Answer the Following Questions

question 58

Multiple Choice

Use the information given below to answer the following questions:
James has a business mowing lawns. On 31 December 2012, he has a utility truck worth $7000, a mower worth $250 and an edger worth $110. Fuel on hand cost $70. Customers owe him $360 and he owes his fuel supplier $90. He owes his sister $5000, which is a long-term loan, and he has $110 in his business bank account.
-What is James's owners' equity?

• A) $7810
• B) $2810
• C) $110
• D) $2590.

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Definitions:

Defense Mechanism

Psychological strategies employed unconsciously to protect an individual from anxiety arising from unacceptable thoughts or feelings.

Sublimation

A defense mechanism in which socially unacceptable impulses or idealizations are unconsciously transformed into socially acceptable actions or behavior.

Aggressive Nature

A predisposition or behavior characterized by readiness to confront or attack.

Psychosexual Stages

A Freudian theory that proposes child development progresses through a series of stages oriented around the erogenous zones.