The Following Table Contains Financial Information for Trumpter's Inc What Is the Amount of Trumpter's Total Liabilities?
A)$5,000
B)$78,500

question 131

Multiple Choice

The following table contains financial information for Trumpter's Inc.before closing entries:
$$\begin{array} { | l | r | } \hline \text { Cash } & \$ 12,000 \\\hline \text { Supplies } & 4,500 \\\hline \text { Prepaid Rent } & 2,000 \\\hline \text { Salaries Expense } & 4,500 \\\hline \text { Equipment } & 65,000 \\\hline \text { Service Revenue } & 30,000 \\\hline \text { Miscellaneous Expense } & 20,000 \\\hline \text { Dividends } & 3,000 \\\hline \text { Accounts Payable } & 5,000 \\\hline \text { Common Stock } & 68,000 \\\hline \text { Retained Earnings } & 8,000 \\\hline\end{array}$$
What is the amount of Trumpter's total liabilities?

• A)$5,000
• B)$78,500
• C)$68,500
• D)$83,500

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Definitions:

Return

Return refers to the gain or loss on an investment over a specified period, including income received and capital gains or losses.

Acquisition Method

An accounting technique used to consolidate the financial statements of two companies after an acquisition.