The Following Information Is Available from the Adjusted Trial Balance

question 146

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 Sue Harris, Capital account?

$\begin{array} { l r } \text { Total revenues } & \$ 125,000 \\\text { Total expenses } & 60,000 \\\text { Sue Harris, Capital } & 80,000 \\\text { Sue Harris, Withdrawals } &15,000\end{array}$

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

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Definitions:

Net Loss

The result when a company's expenses exceed its revenues during a specified period, indicating a negative profit.

Accumulated Depreciation

Accumulated Depreciation represents the total amount of depreciation expense that has been recorded over time for long-term assets, reducing their book value.

Bonds Payable

Bonds payable are long-term debt instruments issued by corporations or governments to raise capital, where the issuer agrees to pay back the principal along with interest at a specified date.

Cash Dividends

Profits distributed by a corporation to its shareholders in the form of cash.