The amount of Assets at the end of the year is

Name: The amount of Assets at the end of the year is
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Question

Quizplus · Accepted Answer

Starting Assets = $100,000
Revenue = $20,000
Expenses = ($12,000)
Net Income = $8,000
Ending Assets = Starting Assets + Net Income = $100,000 + $8,000 = $108,000
However, the question asks for the "amount of assets" at the end of the year, not the "ending assets." The $4,000 of depreciation reduces the amount of assets to $108,000 - $4,000 = $104,000.
Therefore, the correct answer is C.

The Amount of Assets at the End of the Year