The Following Is the Adjusted Trial Balance for Tuttle Photography

question 67

Multiple Choice

The following is the adjusted trial balance for Tuttle Photography. After the closing entries, what will the final balance in R. Tuttle, Capital be?

• A) $25,000
• B) $191,200
• C) $21,290
• D) $166,200

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Definitions:

Surplus

A situation in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Binding Price Floor

A minimum price set by the government that is above the equilibrium price, causing a surplus of the good.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a balanced market.

Binding Price Floor

A minimum price set by the government that is above the equilibrium price, resulting in a surplus of the product.