[The Following Information Applies to the Questions Displayed Below

question 108

Multiple Choice

[The following information applies to the questions displayed below.]
Indirect Oil Co.reports these account balances at December 31,2017
On January 2,2018,Indirect Oil collected $25,000 of its accounts receivable and paid $20,000 of its accounts payable.
-In a trial balance prepared at December 31,2017 the total of the debit column is:

• A)$805,000.
• B)$780,000.
• C)$415,000.
• D)$390,000.

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Definitions:

Innovation

The first commercially successful introduction of a new product, use of a new method of production, or creation of a new form of business organization.

Invention

The conception of a new product or process combined with the first proof that it will work.

Diffusion

The spread of an innovation through its widespread imitation.

Technological Advance

(1) An improvement in the quality of existing products, the invention of entirely new products, or the creation of new or better ways of producing or distributing products. (2) Any improvement in the methods by which resources are combined such that the same quantity of inputs can be made to yield a combination of outputs that is preferred to any combination of outputs that was previously possible.