Wolfe Inc. Wolfe Inc. Reports These Account Balances at January 1, 2015

question 136

Multiple Choice

Wolfe Inc.
Wolfe Inc. reports these account balances at January 1, 2015:

-See the account balances for Wolfe Inc. On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable. In Wolfe's
Trial balance prepared on January 31, 2015, the total of the credit column is:

• A) $297,000
• B) $287,000
• C) $286,000
• D) $275,000

---

Definitions:

Capital Flight

The rapid movement of large sums of money or assets out of a country due to economic or political instability, leading to a decrease in domestic investment.

Interest Rate

The percentage of a loan amount charged by lenders to borrowers for the use of money, expressed as an annual percentage rate.

Net Capital Outflow

The difference between the domestic purchases of foreign assets and the foreign purchases of domestic assets, representing a nation's external investment in a given period.

Trade Quota

A government-imposed limit on the quantity or value of goods that can be imported or exported during a specified period.