After All Appropriate Closing Entries to the Following Accounts Have

question 42

Multiple Choice

After all appropriate closing entries to the following accounts have been made, what will be the balance in the Jeff Corvette, Capital account? $$\begin{array} { | l | r | } \hline \text { Service fees revenue } & \$ 140,000 \\\hline \text { Various experses } & 60,000 \\\hline \text { Jeff Corvette, capital } & 80,000 \\\hline \text { Jeff Corvette, withdrawals } & 15,000 \\\hline\end{array}$$

• A) $65,000
• B) $80,000
• C) $130,000
• D) $145,000
• E) $280,000

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Definitions:

Flexible Budget

A flexible budget adjusts costs and revenue levels according to varying activity levels, providing a more accurate performance assessment than a static budget.

Homeless

Individuals or families lacking a fixed, regular, and adequate nighttime residence.

Cost Formulas

Mathematical equations or models used to calculate the total cost of producing goods or services based on variable and fixed costs.

Activity Variances

Differences between planned activity levels and actual activity levels, used to measure the efficiency and performance of different business operations.