The Amount of Liabilities at the End of the Year

question 85

Multiple Choice

The amount of liabilities at the end of the year is

• A)$30,000.
• B)$33,000.
• C)$28,000.
• D)$32,000.

Explore the relationship between education level and civic engagement.

Analyze the impact of work-life balance and support networks on personal and professional success.

Understand the legal implications of practicing law without a license.

Identify and explain key legal concepts and agreements, such as nondisclosure agreements, usury, and agreements to escape liability.

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Definitions:

Retained Earnings

The portion of net income not distributed as dividends but retained by the company to reinvest in its core business or to pay debt.

Adjusted Trial Balance

An adjusted trial balance is a list of all the accounts of a company, including any adjustments, showing the final balances to be used for preparing financial statements.

Income Statement

Financial statement that displays a company’s revenues and expenses, and ultimately its profit or loss, over a particular period, offering insight into its operational efficiency.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments have been made for errors, accruals, and deferrals, used to verify the balance of debits and credits.