High School

what is the ending balance?

Legal Fees Expense \[ \begin{array}{l} \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,830 \\ \$ 172,

Answer :

A. Main Answer:

The ending balance of the Legal Fees Expense account would be $1,965,930.

B. Explanation:

To calculate the ending balance, we need to add up all the values given in the table. The values provided are consistent at $172,830 for each entry, and there are a total of 11 entries. Therefore, we can multiply the amount by the number of entries to get the ending balance: $172,830 x 11 = $1,965,930. This represents the total amount of legal fees expenses accumulated over the given period.

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Final answer:

To calculate the ending balance, subtract explicit costs of $85,000 from revenues of $200,000, resulting in an accounting profit of $115,000.

Explanation:

To find the ending balance, we first need to identify the expenses involved and subtract them from the revenue to calculate the accounting profit. Following the provided steps:

  1. Calculate explicit costs: Here, we include the office rental ($50,000 + $35,000 = $85,000) as the total explicit costs.
  2. Calculate accounting profit: Subtract the explicit costs from the revenues. With revenues of $200,000 and explicit costs of $85,000, the accounting profit is $115,000.

The ending balance, in terms of accounting profit, is therefore $115,000. This represents what's left after deducting explicit costs from the revenue.

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