Which of the Following Is the LAST Step of Preparing

question 5

Multiple Choice

Which of the following is the LAST step of preparing the worksheet?

• A) Compute each account's adjusted balance by combining the trial balance and adjustment figures. Enter each account's adjusted amount in the adjusted trial balance columns.
• B) On the income statement column, compute net income. Enter net income as the balancing amount on the income statement and balance sheet columns. Total the income statement and balance sheet columns.
• C) Copy the asset, liability, and owner's equity amounts from the adjusted trial balance to the balance sheet columns. Copy the revenue and expense amounts to the income statement columns. Total each column.
• D) Enter the adjusting entries in the adjustments columns, and total the amounts.

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Definitions:

Demand for Cars

Demand for cars refers to the consumer desire to purchase automobiles, driven by factors such as price, income levels, preferences, and external economic conditions.

Fall in Income

A decrease in the amount of money received, typically referring to personal income or national income.

Negative Income Elasticity

A situation where demand for a good decreases as consumer income rises, often associated with inferior goods.

Bargain Brand Noodles

Low-cost noodle brands that offer savings compared to mainstream or premium brands without compromising much on quality.