During the Year, Oak Inc

question 40

Multiple Choice

During the year, Oak Inc.reported other operating expenses of $102,000.The Prepaid Expenses decreased $8,500 during the year, and liabilities related to other operating expenses increased by $11,000.What were Oak's cash payments for operating expenses for the year?

• A)$121,500
• B)$ 99,500
• C)$ 104,500
• D)$ 82,500

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Definitions:

T-Accounts

A bookkeeping tool that visually represents individual accounts as "T", showing debits on the left and credits on the right.

Production

The process of creating goods or services through the combination of labor, materials, and technology.

Goods Manufactured

The total quantity of products produced by a company during a specific time period.

Goods Sold

Refers to the products that a company sells to its customers, which is a critical component in calculating the revenue of the business.