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:

Members

Individuals who are part of a group, organization, or community, contributing to its identity and activities.

Bullies

Individuals who intimidate or harm others, often through physical, verbal, or social aggression, to assert power or control.

Mutual Loyalty

A reciprocal relationship where two or more entities demonstrate steadfast allegiance and support to one another.

Long-Term Friendships

Relationships between friends that are characterized by a long duration, deep emotional connection, and mutual support over the years.