The Following Is the Adjusted Trial Balance for Baker Services

question 165

Multiple Choice

The following is the adjusted trial balance for Baker Services. $\begin{array}{|c|c|c|}\hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 34,000 & \\\hline \text { Accounts Receivable } & 28,000 & \\\hline \text { Prepaid Insurance } & 7,500 & \\\hline \text { Office Supplies } & 3,000 & \\\hline \text { Land } & 48,000 & \\\hline \text { Building } & 150,000 & \\\hline \text { Accumulated Depreciation-Building } & & \$ 15,500 \\\hline \text { Equipment } & 71,000 & \\\hline \text { Accumulated Depreciation-Equipment } & & 7,000 \\\hline \text { Accounts Payable } & & 23,000 \\\hline \text { Salaries Payable } & & 4,000 \\\hline \text { Unearned Revenue } & & 29,000 \\\hline \text { Mortgage Payable } & & 100,000 \\\hline \text { Common Stock } & & 10,000 \\\hline \text { Retained Earnings } & & 11,500 \\\hline \text { Dividends } & 22,000 & \\\hline \text { Service Revenue } & & 280,000 \\\hline \text { Salaries Expense } & 62,000 & \\\hline \begin{array}{l}\text { Depreciation Expense-Building and } \\\text { Equipment }\end{array} & 5,900 & \\\hline \text { Supplies Expense } & 14,000 & \\\hline \text { Insurance Expense } & 14,600 & \\\hline \text { Utilities Expense } & 20,000 & \\\hline \text { Total } & \$ 480,000 & \$ 480,000 \\\hline\end{array}$ After the closing entries are posted, what is the balance in Retained Earnings?

• A) $22,000
• B) $185,000
• C) $21,500
• D) $153,000

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Definitions:

Cooperative Interactions

the process by which individuals or groups work together towards a common goal, often leading to mutual benefits.

Anger Control

Techniques and strategies for regulating and managing feelings of anger to prevent them from leading to aggressive behavior.

Industrialization

The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, leading to significant societal and economic changes.

Interrupts Conversation

The act of breaking the flow of discourse by interjecting, speaking over, or cutting off the speaker, often considered impolite or disruptive.