A company reported total equity of $167,000 at the beginning of the year. The company reported $232,000 in revenues and $176,000 in expenses for the year. Liabilities at the end of the year totaled $103,000. What are the total assets of the company at the end of the year?
A. $120,000.
B. $103,000.
C. $326,000.
D. $232,000.
E. $56,000.
Answer: C
You might also like to view...
Distinguish between errors and irregularities. Which do you think concern the auditors the most?
Computer and auto repair are examples of _____ services
a. nongoods b. repair c. owned-goods d. rented-goods
Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.
Answer the following statement true (T) or false (F)
Cranberry has received a special order for 100 units of its product at a special price of $2,100. The product normally sells for $2,800 and has the following manufacturing costs: Per unitDirect materials $840Direct labor 420Variable manufacturing overhead 560Fixed manufacturing overhead 700Unit cost $2,520Assume that Cranberry has sufficient capacity to fill the order without harming normal production and sales. If Cranberry accepts the order, what effect will the order have on the company's short-term profit?
A. $28,000 increase B. $42,000 increase C. $42,000 decrease D. $70,000 decrease