The Following Information Is Available from the Adjusted Trial Balance

question 205

Multiple Choice

The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency.After closing entries are posted,what will be the balance in the Retained earnings account?
$$\begin{array} { l r } \text { Total revenues } & \$ 125,000 \\\text { Total expenses } & 60,000 \\\text { Retained earnings } & 8 0 , 0 0 0 \\\text { Dividends } & 15,000\end{array}$$

• A) $65,000.
• B) $80,000.
• C) $130,000.
• D) $145,000.
• E) $280,000.

---

Definitions:

Voting Shares

Voting shares represent ownership in a company with the rights to vote on corporate policy and decisions.

Open Market

An open market is a scenario without trade barriers, where buyers and sellers are allowed to trade goods or securities freely without restrictive regulations.

Second Purchase

The act of buying a product or service for the second time after the initial purchase.

Goodwill

An intangible asset that arises when a buyer acquires an existing business, representing the value of the business's reputation, brand, and other non-physical assets.