You Have Been Provided the Following Information About High Inc

question 71

Multiple Choice

You have been provided the following information about High Inc.
$\begin{array}{|l|l|l|}\hline {\text { in thousands of dollars) }} & {2005} &{2006} \\\hline \text { Current Assets } & \$ 158 & \$ 163 \\\hline \text { Long Term Assets } & \$ 453 & \$ 502 \\\hline \text { Current Liabilities } & \$ 102 & \$ 143 \\\hline \text { Long Term Liabilities } & \$ 302 & \$348 \\\hline \text { Net Income } & \$ 32 & \$ 42 \\\hline\end{array}$
-Owner's Equity for 2006 is:

• A) $20,000
• B) $154,000
• C) $174,000
• D) $207,000

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Definitions:

Deed

A legal document representing the ownership and boundaries of property, often used to transfer real estate between parties.

Implied Trusts

An imposed legal arrangement created by a court with the notion that parties acted as though a trust existed, despite not formally establishing one.

Courts

Judicial institutions authorized by the government to adjudicate disputes, interpret laws, and administer justice in legal cases.

Totten Trust

A form of revocable trust created by depositing funds in a bank account in the depositor's name as trustee for another, transferring the funds to the beneficiary upon the depositor's death.