A Merchandiser Uses a Perpetual Inventory System

question 26

Multiple Choice

A merchandiser uses a perpetual inventory system.The beginning Owner,Capital balance of the merchandiser was $130,000.During the year,Sales Revenue amounted to $80,000,Sales Returns and Allowances were $2,000,Sales Discounts were $4,000,Cost of Goods Sold was $40,000,and all other expenses totaled $12,000.The company paid $27,000 in withdrawals to the owner.The closing balance of Owner,Capital would be ________.

• A)$129,000
• B)$125,000
• C)$118,000
• D)$130,000

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Definitions:

Wundt

Wilhelm Wundt, often considered the father of psychology, who established the first psychological laboratory in Leipzig, Germany, focusing on introspection and psychological experiments.

Structuralism

An approach in psychology that seeks to understand the structure of the mind by analyzing the basic elements of thoughts, sensations, and perceptions.

Simplest Units

The most basic elements or components from which something is formed.

Mind

The element of a person that enables them to be aware of the world and their experiences, to think, and to feel; the faculty of consciousness and thought.