Precision Camera Services Started the Year with Total Assets of $90,000

question 61

Multiple Choice

Precision Camera Services started the year with total assets of $90,000 and total liabilities of $65,000. The revenues and the expenses for the year amounted to $100,000 and $70,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. What is the amount of stockholders' equity at the end of the year?

• A) $70,000
• B) $100,000
• C) $15,000
• D) $40,000

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Definitions:

Venice

A city in northeastern Italy, famous for its unique canal system, picturesque waterways, and historical significance as a major maritime power during the Middle Ages and Renaissance.

Coyolxauhqui

Refers to the Aztec moon goddess whose dismembered body is represented in a famous stone relief, discovered at the site of the Templo Mayor in Mexico City.

Spaniards

The people native to or citizens of Spain, a country in southwestern Europe known for its rich cultural heritage, traditions, and historical influence.

Great Temple

A term often used to describe a prominent religious building or structure utilized for worship and rituals in ancient civilizations.