If the Assets of Martin's Pet Store Are $107,000 and the Owners

question 153

Multiple Choice

If the assets of Martin's Pet Store are $107,000 and the owners' equity is $75,000, which of the following is a correct statement?

• A)The owners' investment equals $182,000.
• B)The current assets are worth $32,000.
• C)The new income for the period is $32,000.
• D)The long-term liabilities are $75,000.
• E)The liabilities are $32,000.

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Definitions:

Procedural Justice

The fairness of the processes that lead to outcomes or decisions, fostering a sense of justice based on transparency, consistency, and impartiality.

Policies and Rules

Established guidelines and procedures set by organizations or institutions to dictate acceptable behavior and actions, ensuring orderly function and compliance with standards.

Fairly Applied

A principle ensuring policies, rules, and decisions are implemented in a just, equitable, and unbiased manner.

Commutative Justice

A form of justice that refers to the fairness in agreements and exchanges between individuals or groups, ensuring what is exchanged is of equal value.