Given the following items from the balance sheet of the Piper Company:

Assets			Liabilities
Cash	$ 10,000		Accounts Payable	$ 25,000
Accounts Receivable	15,000		Dividends Payable	15,000
Land	20,000		Total Liabilities	40,000
Building	30,000
Equipment	25,000		Stockholders' Equity
			Common Stock	50,000
			Retained Earnings	10,000
Total Assets	$100,000		Total Liabilities and Stockholders' Equity	$100,000

Working Capital is:

Select one:

a.

$60,000

b.

$0

c.

$75,000

d.

$25,000

e.

$(15,000)

Clear my choice

Which of the following accounts are closed during the closing procedure?

Select one:

a.

Prepaid Expense	Retained Earnings	Revenue
No	Yes	No

b.

Prepaid Expense	Retained Earnings	Revenue
Yes	Yes	No

c.

Prepaid Expense	Retained Earnings	Revenue
No	Yes	Yes

d.

Prepaid Expense	Retained Earnings	Revenue
Yes	No	No

e.

Prepaid Expense	Retained Earnings	Revenue
No	No	Yes

Which accounts are closed with debits each accounting period?

Select one:

a.

Wage Expense	Supplies	Service Revenue
No	No	No

b.

Wage Expense	Supplies	Service Revenue
No	Yes	No

c.

Wage Expense	Supplies	Service Revenue
No	No	Yes

d.

Wage Expense	Supplies	Service Revenue
Yes	No	No

e.

Wage Expense	Supplies	Service Revenue
Yes	Yes	Yes