An Adjusted Trial Balance Is Given Below

question 70

Multiple Choice

An adjusted trial balance is given below. What will be the final balance in the Smith, Capital account after recording the closing entries?

• A)$37,800
• B)$12,700
• C)$24,000
• D)$36,800

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Definitions:

Consumer Surplus

The distinction between the price consumers are willing to offer for a good or service and the price they really pay.

Agricultural Subsidies

Agricultural subsidies are financial incentives provided by the government to farmers or agribusinesses to supplement their income, manage the supply of agricultural commodities, and influence the cost and supply of such commodities.

Tariff

A tax imposed on imported goods and services to increase their price and reduce competition with domestic industries.

Trade Restrictions

Measures imposed by governments to control the import and export of goods and services with the intention of protecting domestic industries, which can include tariffs, quotas, and other barriers.