The Adjusted Balances for Tomas Co

question 41

Multiple Choice

The adjusted balances for Tomas Co. are listed below. Cash, $20,000
Accounts Receivable, $2,500
Prepaid Insurance, $3,500
Equipment, $15,000
Accumulated Depreciation, $2,000
Accounts Payable, $4,000
J.Tomas, Capital, $30,000
J.Tomas, Drawing, $10,000
Income from Services, $35,000
Wages Expense, $12,000
Rent Expense, $8,000
After recording the closing entries, what would be the balance of the capital account?

• A)$30,000
• B)$45,000
• C)$35,000
• D)$5,000

---

Definitions:

Wellness Program

Initiatives or policies introduced by employers aimed at improving the health and well-being of employees, often including exercise, nutrition, and mental health activities.

Error Costs

The expenses associated with making incorrect decisions or judgments, including costs of correction and opportunity costs.

Uncertain Conditions

Situations where outcomes or future events are unknown or unpredictable.

Unsold Merchandise

Items that remain in stock and are not sold within a certain period, potentially leading to inventory excess or losses.