A Company Had Total Equity of $89,000 on January 1,2014

question 109

Multiple Choice

A company had total equity of $89,000 on January 1,2014.The following information is available for the year ended December 31,2014:
$$\begin{array} { | l | r | } \hline 2014 \text { revenues } & \$ 350,000 \\\hline 2014 \text { expenses } & 403,000 \\\hline \text { Liabilities, at December } 31,2014 & 27,000 \\\hline\end{array}$$
What are the total assets of the company at December 31,2014?

• A) $27,000
• B) $36,000
• C) $53,000
• D) $63,000
• E) $350,000

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Definitions:

Exchange Rates

The price of one currency in terms of another for conversion purposes.

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Variations or changes in level, degree, or value that occur over a period of time.

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