Staples Offer CDs ($2

question 53

Multiple Choice

Staples offer CDs ($2.00) and boxes of computer paper ($3) . If total sales were $1,560 and customers bought 5 times as many CDs as boxes of computer paper, how many CDs were sold?

• A) 120
• B) 480
• C) 600
• D) 1,200
• E) None of these

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Definitions:

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity.

Balance Sheet

An economic report indicating a company's possessions, financial responsibilities, and the value belonging to shareholders at a certain instance.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenue, expenses, and net profit or loss.

Accounting Equation

A basic principle of accounting that represents the relationship between an entity's assets, liabilities, and owners' equity (Assets = Liabilities + Owners' Equity).