A Company Reported Total Equity of $145,000 on Its December

question 184

Multiple Choice

A company reported total equity of $145,000 on its December 31,2013,balance sheet.The following information is available for the year ended December 31,2014: What are the total assets of the company at December 31,2014?

• A)$45,000
• B)$92,000
• C)$190,000
• D)$210,000
• E)$282,000

Appreciate the accessibility of career information sources in multiple languages to cater to diverse populations.

Understand the functionality of the Standard Occupational Classification System in career exploration.

Acknowledge the additional features of O*Net catering to specific populations, such as veterans.

Identify the influence of media and societal trends on career interests and educational choices.

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Definitions:

Revenues

The income generated from normal business operations and includes discounts and deductions for returned merchandise.

Normal Balance Side

Normal Balance Side is the side (debit or credit) of an accounting ledger on which increases to the account are recorded, depending on the account type.

Double-Entry Accounting

An accounting method requiring every financial transaction to be recorded in two accounts, one debit and one credit, to keep the accounting equation balanced.

Debits

Accounting entries that increase assets or expenses or decrease liabilities, equity, or revenue, recorded on the left side of an account.