Barnes Company Showed the Following Balances at the End of Its

question 129

Multiple Choice

Barnes Company showed the following balances at the end of its first year: $$\begin{array}{l}\text { Cash } \quad \$ 14,000\\\begin{array} { l r } \text { Prepaid insurance } & 700 \\\text { Accounts receivable } & 3,500 \\\text { Accounts payable } & 2,800 \\\text { Notes payable } & 4,200 \\\text { Common stock } & 5,400 \\\text { Dividends } & 700 \\\text { Revenues } & 29,000 \\\text { Expenses } & 17,500\end{array}\end{array}$$ What amount did Barnes Company show as total credits?

• A)$42,100
• B)$41,400
• C)$40,700
• D)$42,800

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Definitions:

Taxicab

A motor vehicle licensed to transport passengers in return for payment of a fare, usually calculated by a meter.

Tort

A wrongful act or infringement of a right leading to civil legal liability.

Assault And Battery

Legal terms where assault refers to the threat of physical harm, and battery refers to the actual physical impact on another person without their consent.

Intentional Torts

Deliberate acts committed by individuals or entities that cause harm or damage to others, leading to civil liability.