Z Company Reports the Following Balance Sheet Information for 2011

question 16

Multiple Choice

Z Company reports the following balance sheet information for 2011: $$\begin{array} { l c c } & \text { 1 January 2011 } & \text { 31 December 2011 } \\\text { Assets } & \$ 60,000 & \$ 70,000 \\\text { Liabilities } & \$ 12,000 & \$ 14,000\end{array}$$ Assuming the capital contribution made by the owners during 2011 was $3000 and withdrawals were $12 000,profit for 2011 must have been:

• A)$17 000
• B)$14 000
• C)$16 000
• D)$12,000

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Definitions:

Strength level

Strength level indicates the capacity of an individual or object to exert force or power; in humans, it can refer to physical or even emotional capacity.

Universal ethical principles

A set of core moral guidelines that are believed to be fundamental, overarching, and universally applicable across different cultures and societies, often invoked in discussions of moral reasoning at its most advanced stages.

Political contract

An implied agreement among individuals in a society to cooperate for social benefits, such as protection and social order; similar to a social contract.

Individual rights

The fundamental rights that individuals have which are protected under the law, including the rights to freedom, privacy, and equality.