The Following Information Is Available for Naab Company for 2014

question 64

Multiple Choice

The following information is available for Naab Company for 2014: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale?

• A) $ 920,000.
• B) $1,150,000.
• C) $1,135,000.
• D) $1,180,000.

---

Definitions:

Credit Instrument

A document that represents a legal agreement involving any kind of financial credit or loan arrangement, including promissory notes, bonds, and letters of credit.

Payee

A person to whom a payment is made or is made payable.

Bearer Paper

A negotiable instrument that entitles the holder or bearer to receive the face value of the document upon presentation.

"To Cash"

A term used to describe the process of converting assets or investments into cash or to settle a transaction with cash payment.