The Following Information Was Extracted from the Accounting Records of Vogel

question 84

Multiple Choice

The following information was extracted from the accounting records of Vogel Company:
$$\begin{array} { l l } \text { beginning Paid-in Capital } & \$ 90,000 \\\text {beginning Retained Earnings } & \$ 300,000 \\\text { beginning Assets } & \$ 455,006 \\\text { Contributicns by owners } & \$ 0 \\\text { Revenues } & \$ 200,000 \\\text { Expenses } & \$ 155,000\end{array}$$
At the beginning of the period,what is the total amount of liabilities?

• A) $65,000
• B) $100,000
• C) $155,000
• D) $245,000

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Definitions:

Income Classes

Categories of individuals or households distinguished by levels of income, such as low, middle, and high income.

Marginal Utility

The surplus satisfaction or benefit gained by consuming another unit of a good or service.

Total Utility

The overall satisfaction or value that a consumer derives from consuming a particular quantity of goods and services.

Income Redistribution

Economic policies or mechanisms aimed at leveling the distribution of wealth or income in a society by transferring money from the richer sections to the poorer ones.