The Accounts and Balances Shown Below Were Gathered from Primer

question 65

Multiple Choice

The accounts and balances shown below were gathered from Primer Corporation's trial balance on December 31,2014.All adjusting entries have been made. The amount that should be reported as current assets on Primer Corporation's balance sheet is

• A) $151,300.
• B) $164,900.
• C) $217,300.
• D) $267,300.

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Definitions:

Taxable Income

The amount of an individual's or a corporation's income used to determine how much tax is owed to the government.

Married Filing Jointly

A tax filing status for married couples who choose to combine their income and deductions on a single tax return.

Tax

The amount of money a person must pay to the government to benefit from government services.

Marriage Penalty

A situation in the tax code where married couples end up paying more combined tax than they would as two single individuals.