Emmitt Had the Following Final Balances After the First Year

question 41

Multiple Choice

Emmitt had the following final balances after the first year of operations: assets,$55,000; stockholders' equity,$25,000; dividends,$3,000; and net income,$10,000.What is the amount of Emmitt's liabilities?

• A)$55,000.
• B)$30,000.
• C)$13,000.
• D)$7,000.

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Definitions:

Four Ps

A marketing concept that includes product, price, place, and promotion, regarded as the main factors to consider in marketing strategies.

Marketing

The process of promoting, selling, and distributing a product or service, including market research and advertising to reach potential customers.

Advertising

The activity or profession of producing advertisements for commercial products or services to increase awareness and generate sales or interest.

Market Segmentation

The process of dividing a market of potential customers into groups, or segments, based on different characteristics.