Randall's Service Company Began Operations on January 1,2019

question 78

Multiple Choice

Randall's Service Company began operations on January 1,2019.The following Trial Balance was prepared on December 31,2019.Capital contributions during the year were $58,000. What is the December 31,2019 balance of Randall,Capital?

• A)$58,000
• B)$51,300
• C)$74,500
• D)$16,500

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Definitions:

Consumer Goods

Items produced for personal, family, or household use, typically excluding services.

Equipment

Equipment encompasses the set of tools, machinery, and other hardware required for the execution of specific tasks or activities within various fields and industries.

Fixture

A piece of property that was originally moveable but has become attached to real property in such a way that it is legally considered part of the real property.

Subrogation

is a legal doctrine allowing one party (usually an insurer) to step into the shoes of another party to pursue rights or claims against a third party, often to recover amounts paid out in a claim.