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18 December, 09:35

The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. I total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? A-$37,000.

B. $35,400.

C $43,400.

D. $28,000.

E. $52,400.

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  1. 18 December, 10:04
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    Answer: C $43,400.

    Explanation:

    We have the following dа ta:

    Credit Balance (at the begining) = $37,000

    Total revenues=$55,200

    Total expenses=$39,800

    Withdrawals = $9,000

    Now, the ending balance after the closing entries is:

    Closing entries=Credit Balance+Total revenues-Total expenses-Withdrawals

    Closing entries=$37,000+$55,200-$39,800-$9,000

    Closing entries=$43,400

    Therefore, the correct option is C.
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