Which of the Following Is Correct If at the End

question 49

Multiple Choice

Which of the following is correct if at the end of Crystal Imports' first year of operations,Assets are $800,000 and Owners' Equity is $720,000?

• A)The owner(s)must have invested $800,000 to start the business.
• B)The business must be operating profitably.
• C)Liabilities are $80,000.
• D)Liabilities are $1,520,000.

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Definitions:

Affidavit

A written statement made under oath, used as evidence in court.

Registered Agent

A person or business designated to receive legal documents and service of process on behalf of a company.

Corporation

A legal entity that is separate from its owners, with its own rights and obligations, and can conduct business, enter contracts, sue, and be sued.

Social Security Offices

Government facilities where individuals can obtain assistance with Social Security benefits and services.