Ending Liabilities Are 67,000,Beginning Equity Was $87,000,Common Stock Sold During

question 156

Multiple Choice

Ending Liabilities are 67,000,Beginning Equity was $87,000,Common Stock sold during year totaled $31,000,Expenses for the year were $22,000,Dividends declared totaled $13,000,Ending Equity for the year is $181,000 and Beginning Assets for the year were $222,000.
What was Beginning Liabilities for the year?

• A)$154,000
• B)$155,000
• C)$212,000
• D)$248,000
• E)$135,000

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Definitions:

Contractual Claim

A contractual claim arises when one party alleges that another has failed to fulfill their obligations under a contract.

Retail Sale

The selling of goods or services from businesses directly to consumers.

Exemption Clause

An attempt to limit liability under an agreement (also called an exclusion or exculpatory clause).

Campaign Buttons

Small pins or badges worn or distributed during election campaigns to show support for a particular candidate or political cause.