question 165
Multiple Choice
The following is the adjusted trial balance for Baker Services. Accounts Cash Accounts Receivable Prepaid Insurance Office Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Mortgage Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation Expense-Building and Equipment Supplies Expense Insurance Expense Utilities Expense Total Debit $34,00028,0007,5003,00048,000150,00071,00022,00062,0005,90014,00014,60020,000$480,000 Credit $15,5007,00023,0004,00029,000100,00010,00011,500280,000$480,000 After the closing entries are posted, what is the balance in Retained Earnings?
Definitions:
Manufacturers
Manufacturers are entities engaged in the industrial production of goods from raw materials through the use of machinery and labor.
Market
A place or mechanism where buyers and sellers converge to trade goods, services, or resources.
Production Possibility Frontier
A curve representing the maximum combinations of goods or services that can be produced with limited resources.
Bowed Out
A description usually of production possibilities frontier that shows increasing opportunity costs.