The Assets of Quinn's Business Increased by $40 000 and the Liabilities

question 14

Multiple Choice

The assets of Quinn's business increased by $40 000 and the liabilities increased by $5000 during the current year.If the profit for this period was $25 000,what additional contribution or withdrawal was made by the owner? Assume only a withdrawal or a contribution was made.

• A)Drawings $10 000
• B)Contribution $10 000
• C)Contribution $5000
• D)Drawings $5000

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Definitions:

Impaired Sense Of Smell

A reduced or distorted ability to detect or differentiate odors, known medically as anosmia or hyposmia.

Cranial Nerve

One of twelve nerves that originate in the brain and control motor and sensory functions of the head and neck.

Trigeminal

Relating to the trigeminal nerve, which is the fifth cranial nerve responsible for sensory perception in the face and motor functions such as biting and chewing.

Sensory Function

The ability of the body to process and respond to visual, auditory, olfactory, gustatory, and tactile stimuli.