Refer to the Following Trial Balance

question 79

Multiple Choice

Refer to the following trial balance.

How much is the gross profit?

• A)$103,000
• B)$95,000
• C)$97,000
• D)$99,000

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Definitions:

Credit Portion

The segment of a financial transaction that records a decrease in assets or an increase in liabilities on a balance sheet.

Liability Account

An accounting ledger showing the obligations or debts a company owes to others, representing claims against the company's assets.

Debit Portion

The section of a financial transaction that records the increase in assets or decrease in liabilities on the left side of an account.

Credit Portion

Refers to the part of a financial transaction that is recorded as a credit in the accounting records, increasing liabilities or decreasing assets.