The Following Are the Current Month's Balances for Toys Galore

question 149

Multiple Choice

The following are the current month's balances for Toys Galore: $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 8,000 \\\hline \text { Revenue } & 10,000 \\\hline \text { Cash } & 5,000 \\\hline \text { Expenses } & 1,750 \\\hline \text { Fumiture } & 12,000 \\\hline \text { Accounts Receivable } & 14,000 \\\hline \text { Tones, Capital } & 8,250 \\\hline \text { Notes Payable } & 6,500 \\\hline\end{array}$$ What is the total amount of debits for the trial balance?

• A) $26,000
• B) $27,750
• C) $31,000
• D) $32,750

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Definitions:

Real Incomes

Refers to the income of individuals or nations after adjusting for inflation. It represents the purchasing power over goods and services.

Federal Tax Revenues

The income that the federal government receives from taxes, including income taxes, payroll taxes, and other taxation forms, used to fund public services and government operations.

Economy

The system of production, distribution, and consumption of goods and services within a specific geographic region.

Personal Income Tax

A tax levied on the income of individuals, with the rate usually increasing as income increases.