During the Current Year, the Assets of Quality Stairs Increased

question 118

Multiple Choice

During the current year, the assets of Quality Stairs increased by $175,000 and the liabilities decreased by $15,000. If the equity in the business is $475,000 at the end of the year, the equity at the beginning of the year must have been:

• A) $335,000.
• B) $285,000.
• C) $665,000.
• D) $615,000.

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Definitions:

Sensorimotor Period

A stage in early child development (from birth to about 2 years old) where learning occurs through sensory experiences and manipulating objects.

Motor Skills

Abilities required to execute physical actions, which include both fine motor skills (small movements, like holding a pencil) and gross motor skills (larger movements, like walking).

Finger Movements

The motions or actions executed by the fingers, often requiring fine motor skills.

Screen Time

The amount of time spent using devices with screens such as smartphones, computers, televisions, and tablets, often of concern in discussions of mental and physical health.