Printed Pencils Cost

question 55

Multiple Choice

Printed pencils cost $.33 1/3 each for an order of 18,000 pencils. On Monday Jim Co. placed an order for 18,000 pencils. What is the exact cost of the pencils for Jim Co.? Be sure to use the fractional equivalent in your calculation.

• A)$5,940
• B)$5,994
• C)$5,999.40
• D)$6,000
• E)None of these

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Definitions:

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, resulting in a net profit or loss.

Statement of Retained Earnings

A financial statement that shows how a company's retained earnings have changed over a given period due to profits retained in the business or dividends distributed.

Adjusted Trial Balance

A trial balance that accounts for all adjustments made in the accounting period, used for preparing financial statements.

General Ledger Accounts

The complete record of all financial transactions over the life of a company, organized by account.