After All Closing Entries Have Been Posted,which of the Following

question 113

Multiple Choice

After all closing entries have been posted,which of the following accounts is most likely to have a nonzero balance?

• A) Income Summary
• B) Wages Payable
• C) Interest Expense
• D) Service Revenue

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Definitions:

Wilshire 5000 Index

A comprehensive index representing the market value of all stocks actively traded in the United States, embracing the entire U.S. equity market.

Marginal Tax Bracket

The tax rate that applies to the last unit of income earned by an individual or business.

Municipal Bond

A municipal bond is a debt security issued by a city, municipality, or county to finance its capital expenditures.

Corporate Bond

A debt security issued by a corporation to raise capital, promising to pay back the borrowed money plus interest at specified future dates.