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Johnny's Car Repairs Had Total Assets of $60,000 and Total

Question 77

Multiple Choice

Johnny's Car Repairs had total assets of $60,000 and total liabilities of $40,000 at the beginning of the year. During the year the business recorded $100,000 in revenues, $55,000 in expenses, and dividends of $10,000 were distributed. Equity at the end of the year is:


A) $55,000.
B) $35,000.
C) $65,000.
D) $45,000.

Correct Answer:

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