The Following Pre-Closing Accounts and Balances Were Drawn from the Records

question 82

Multiple Choice

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $$\begin{array} { l lll} \text { Cash } & \$ 3,400& \text { Accounts receivable } & \$ 1,450 \\\text { Dividends} & 1,700& \text { common stock } & 2,175 \\\text { Land } & 2,000 &\text { Revenue } & 2,000 \\\text { Accounts payable } & 1,050 &\text { Expense } & 1,150\end{array}$$ What is the amount of total assets on Carolina's December 31, Year 1 balance sheet?

• A) $6,850
• B) $5,400
• C) $8,550
• D) $8,850

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Definitions:

Theory Y

A management concept that assumes employees are self-motivated, seek responsibility, and are creative problem solvers.

Incapable of Growth

A state or condition where an organism, individual, or entity cannot physically or developmentally expand or progress.

Family Preservation

Efforts and services aimed at keeping families together, preventing the unnecessary placement of children in foster care, group homes, or other institutional settings.

Organization Model

A conceptual framework that illustrates the structure, workflow, or operational principles of an organization, guiding its functions.