At the Beginning of 20B,Rodriguez Corporation Had Assets of $820,000

question 71

Multiple Choice

At the beginning of 20B,Rodriguez Corporation had assets of $820,000 and liabilities of $340,000.During the year,assets increased by $40,000 and liabilities decreased by $8,000.What was the total amount of shareholders' equity at the end of 20B?

• A)$432,000.
• B)$480,000.
• C)$528,000.
• D)$1,208,000.

---

Definitions:

Nonoperating Items

Revenue and expenses arising from activities outside of a company's normal business operations, such as investing or financing activities.

Gross Margin

The difference between sales revenue and the cost of goods sold, expressed as a percentage of sales revenue.

Operating Expenses

Costs related to the day-to-day functions of a business, excluding the cost of goods sold.

Net Income

The amount of money a company earns after all expenses, taxes, and costs have been subtracted from total revenue.