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Shown below is a trial balance for Novelty Toys, Inc., on December 31,after adjusting entries: Novelty Toys, Inc. Trial Balance December 31 Cash $ 7,750
Shown below is a trial balance for Novelty Toys, Inc., on December 31,after adjusting entries:
| Novelty Toys, Inc. | |||||||
| Trial Balance | |||||||
| December 31 | |||||||
| Cash | $ | 7,750 | |||||
| Accounts Receivable | 6,375 | ||||||
| Office Equipment | 11,250 | ||||||
| Accumulated Depreciation | $ | 3,000 | |||||
| Accounts Payable | 3,875 | ||||||
| Capital Stock | 11,250 | ||||||
| Retained Earnings | -0- | ||||||
| Dividends | 3,750 | ||||||
| Fees Earned | 22,750 | ||||||
| Salaries Expense | 8,000 | ||||||
| Advertising Expense | 1,625 | ||||||
| Depreciation Expense | 2,125 | ||||||
| $ | 40,875 | $ | 40,875 | ||||
Income Summary will have what balance before it is closed?
Select one:
a. Zero.
b. $11,750.
c. $ 7,250.
d. $11,000.
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