Davis Company Has the Following Accounts and Balances at the End

question 66

Multiple Choice

Davis Company has the following accounts and balances at the end of the year:
Cash, $1,200
Accounts Receivable, $280
Office Equipment, $3,000
Accounts Payable, $1,400
Income from Services, $3,500
Rent Expense, $670
Salaries Expense, $1,000
R.Davis, Capital at the beginning of the year was $2,050. Rob Davis also withdrew $800 from the company during the year. What is the amount of total assets reported on the balance sheet?

• A) $1,480
• B) $9,800
• C) $3,080
• D) $4,480

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Definitions:

Outgroup Homogeneity

The tendency to view members of an outgroup as more similar to each other than members of an ingroup.

Outgroup Bias

A psychological tendency to favor those who are not members of one's own group, often leading to prejudice and discrimination.

Other-race Effect

The tendency to more easily recognize faces of the race that one is most familiar with, which is often one's own race.

Scapegoat Theory

The theory that prejudice offers an outlet for anger by providing someone to blame.