Use the Following Information as of December 31 to Determine

question 164

Multiple Choice

Use the following information as of December 31 to determine equity. $$\begin{array} { l r } \text { Cash } & \$ 57,000 \\\text { Buildings } & 175,000 \\\text { Equipment } & 206,000 \\\text { Liabilities } & 141,000\end{array}$$

• A) $141,000.
• B) $579,000.
• C) $297,000.
• D) $438,000.
• E) $57,000.

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Definitions:

Accountant

A professional who performs financial functions related to the collection, accuracy, recording, analysis, and presentation of a business, organization, or individual's financial operations.

Bankrupt Debtor

A person or entity that has been legally declared unable to pay their debts, leading to a bankruptcy proceeding.

Discharged Debts

Debts that have been forgiven or wiped out, typically through bankruptcy proceedings, relieving the debtor from further liability.

Legal Right

A benefit conferred upon a person by law, which can be protected and enforced by the legal system.