Reference no: EM132464079

The adjusted balances for Tomas Co. are listed below.

Cash,                                        $20,000

Accounts Receivable,                    $2,500

Prepaid Insurance,                       $3,500

Equipment,                               $15,000

Accumulated Depreciation,           $2,000

Accounts Payable,                     $4,000

J. Tomas, Capital,                     $30,000

J. Tomas, Drawing,                   $10,000

Income from Services,              $35,000

Wages Expense,                      $12,000

Rent Expense,                         $8,000

Question 1: After recording the closing entries, what would be the balance of the capital account?

Group of answer choices

a) $5,000

b) $45,000

c) $35,000

d) $30,000