At the End of the Current Year,the Owners' Equity in Durante

question 20

Multiple Choice

At the end of the current year,the owners' equity in Durante Co.is $360,000.During the year,the assets of the business had increased by $68,000 and the liabilities had increased by $118,000.Owners' equity at the beginning of the year must have been:

• A)$410,000.
• B)$310,000.
• C)$546,000.
• D)$174,000.

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Definitions:

Thyroid Gland

Large gland in the neck that produces several important hormones, including thyroxine, triiodothyronine, and calcitonin.

Iodized Salt

Salt that has been fortified with iodine, a nutrient essential for thyroid function.

Thyroid

A gland in the neck that secretes hormones regulating growth and metabolism by controlling the rate of metabolism and the rate at which the body uses energy.

Iodine

A chemical element necessary for thyroid gland function, also used as a disinfectant.