At the End of Its First Month of Operations, Michael's

question 74

Multiple Choice

At the end of its first month of operations, Michael's Consulting Services, Inc. reported net income of $25,000. They also had account balances of: Cash, $18,000; Office Supplies, $2,000 and Accounts Receivable $10,000. The stockholders' total investment for this first month was $5,000. Calculate the ending balance in Stockholders' Equity to be reported on the Balance Sheet.

• A)$30,000
• B)$25,000
• C)$20,000
• D)$5,000
• E)$7,000

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Definitions:

Autonomic Nervous System

The part of the nervous system that controls involuntary functions such as heart rate, digestion, and respiratory rate, divided into the sympathetic and parasympathetic systems.

Chemical Synapses

Specialized junctions through which neurons signal to each other and to non-neuronal cells, allowing the transmission of chemical messengers (neurotransmitters).

Electrical Synapses

Direct connections between neural cells allowing for rapid transmission of electrical signals through gap junctions.

Presynaptic Activation

The process by which an action potential in a neuron stimulates the release of neurotransmitters from the presynaptic terminal.