A Company Reported Total Equity of $145,000 at the Beginning

question 47

Multiple Choice

A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?

• A) $45,000.
• B) $92,000.
• C) $98,000.
• D) $210,000.
• E) $282,000.

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Definitions:

High-Cost Producers

Businesses or entities that incur higher expenses in the production of goods or services, often leading to higher selling prices to maintain profitability.

Low-Cost Producers

Companies or entities that can produce goods or services at a lower expense than competitors, often due to efficiencies or advantages.

Market System

An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created through the forces of supply and demand.

Efficient Production Technique

A method of production that achieves the highest output with the given set of inputs or resources, minimizing waste and costs.