Michael Company Reports the Following Account Balances at the End

question 31

Multiple Choice

Michael Company reports the following account balances at the end of the first year of operations: What are total liabilities at the end of the first year?

• A)$37,000
• B)$50,000
• C)$62,000
• D)$100,000

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Definitions:

Liquid portion

The liquid component of a substance, often referred to in contexts such as blood, where it is the part not containing cells.

Blood cells

Cells that circulate in the bloodstream, comprising red blood cells (erythrocytes), white blood cells (leukocytes), and platelets (thrombocytes).

Hemoglobin

A protein in red blood cells responsible for carrying oxygen throughout the body.

Venipuncture

is the process of puncturing a vein with a needle to draw blood for testing, to give medication, or to start an intravenous line.