A Company Reported Total Equity of $145,000 on Its December

question 128

Multiple Choice

A company reported total equity of $145,000 on its December 31,2013,balance sheet.The following information is available for the year ended December 31,2014:
2014 revenues……………..$210,000
2014 expenses……………….165,000
Liabilities,at December 31,2014….92,000
What are the total assets of the company at December 31,2014?

• A) $45,000
• B) $92,000
• C) $190,000
• D) $210,000
• E) $282,000

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Definitions:

Metamorphic Rock

Rock that has undergone transformation in texture, mineralogy, or chemical composition due to high temperature and pressure.

Partial Melting

The process by which only a portion of a solid is melted, often occurring in the Earth's mantle, leading to the generation of magma.

Metamorphism

The process by which the mineral composition and structure of rocks are changed by heat and pressure, without melting.

Magma

Molten rock located beneath the earth's surface, which can erupt as lava during a volcanic eruption and solidify to form igneous rocks.