Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the adjusted trial balance showed the following ac

The adjusted trial balance showed the following account balances. Service revenue, $150,000; owners equity, $101,000;...

60.1K

Verified Solution

Question

Accounting

The adjusted trial balance showed the following account balances. Service revenue, $150,000; owners equity, $101,000; rent expense, $45,000; wage expense, $75,000; advertising expenses; $50,000, and owners drawing of $35,000. What is the balance of owners equity after closing entries are made?

a.$96,000.

b.$101,000.

c.$46,000.

d.$81,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Answer all three 1. How do you distinguish between an animal that is not cephalized from one...

Biology
1.2K views

how is potential energy and kinetic energy converted from one to another in photosythesis and cell...

Programming
1.2K views

Can you please take this code and just rewrite it so it can be easily be...

Psychology
1.2K views

Write an analysis of an experience you have had with stereotyping, prejudice or discrimination. You could...

Electrical Engineering
1.2K views

What kind of methods used to measure the liquid level explain in detail?

Advance Math
1.2K views

Dependent T (T-test for paired) Table should look like this. Answer the three parts. Shooting without noise Shooting with...

Geometry
1.2K views

wo parallel lines are cut by a transversal as shown What is the value of...

Basic Math
1.2K views

2 Match the type of discrete probability distribution with the correct definition You will not...

Basic Math
1.2K views

The manager of the local coffee shop is surveying her customers to determine if they...

Accounting
1.2K views

(a) (b) Carla Vista Co. retires its delivery equipment, which cost $46,700. Accumulated depreciation...

Accounting
1.2K views

Give an example of a financial scandal that was the result of grave accounting failure(s)....

Accounting
1.2K views

Consolidated Balance Sheets - USD ($) $ in Millions Dec. 31, 2016 Dec. 31, 2015...