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

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Definitions:

Reciprocal Model

A conceptual framework suggesting that variables influence each other mutually, rather than in a one-way direction.

Mainstream Model

A dominant or widely accepted set of theories, practices, or norms in a particular field or society.

Remedial Model

An approach focused on correcting or remedying a problem, often relating to educational strategies or therapeutic interventions.

Mental Health

A state of well-being in which individuals realize their own abilities, can cope with the normal stresses of life, work productively, and contribute to their community.