The Balances That Appear on the Post-Closing Trial Balance Will

question 3

Multiple Choice

The balances that appear on the post-closing trial balance will match the

• A)income statement account balances after adjustments.
• B)balance sheet account balances after closing entries.
• C)income statement account balances after closing entries.
• D)balance sheet account balances after adjustments.

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Definitions:

Foreign Tax Credit

A nonrefundable tax credit for income taxes paid to a foreign government as a result of foreign income tax withholdings.

Taxable Income

The portion of an individual's or a corporation's income that is subject to taxation by the government after deductions and exemptions.

Foreign Income Taxes

Taxes levied by a foreign country on income earned within its jurisdiction, which can sometimes be credited against domestic taxes in the taxpayer's home country.

Premium Tax Credit

A refundable credit that helps eligible individuals and families with low to moderate income afford health insurance purchased through the Health Insurance Marketplace.