Probably the Last Account to Be Listed on a Post-Closing

question 171

Multiple Choice

Probably the last account to be listed on a post-closing trial balance would be

• A) Income Summary.
• B) Retained Earnings.
• C) Wages Expense.
• D) Wages Payable.

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Definitions:

Present Value

The present value of a future amount of money or series of payments, calculated based on a certain rate of return.

Initial Investment

The amount of money used to start a business or project.

Cash Operating Costs

The expenses a company incures during its day-to-day operational activities, usually excluding non-cash costs like depreciation.

Current Salvage Value

The estimated value that an asset can be sold for at the end of its useful life in its present condition.