Question

a summary of selected ledger accounts appear below for s. ball for the current calendar year.
answer questions 1 through 4 based on this information.

s. ball, capital
12/31 6,500 | 1/1 27,000
| 12/31 4,250

s. ball, withdrawals
3/31 2,000 | 12/31 6,000
10/31 3,000 |
12/22 1,000 |

income summary
12/31 12,750 | 12/31 17,000
12/31 4,250 |

1. what were the total expenses?

$27,750
$17,000
$12,750
$10,250

Explanation:

Analyze Income Summary

Using the Income Summary Account and T-Accounts knowledge points

$$
LATEXBLOCK0
$$

Identify Total Expenses

Using the Closing Entries knowledge point

$$
LATEXBLOCK1
$$

Answer:

• (A) $27,750
• (B) $17,000
• (C) $12,750 (Correct answer)
• (D) $10,250