Solve If Needed, Round Money Amounts to Two Decimal Places

question 202

Multiple Choice

Solve. If needed, round money amounts to two decimal places and all other amounts to one decimal place.
-Sales at a local ice cream shop went up 80% in 5 years. If 12,000 ice cream cones were sold in the current year, find the number of ice cream cones sold 5 years ago. (Round to the nearest integer, if
Necessary.)

• A) 6667 ice cream cones
• B) 15,000 ice cream cones
• C) 9600 ice cream cones
• D) 2400 ice cream cones

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Definitions:

Payable

Short-term financial obligations or debts of a company, typically to suppliers, that are due to be paid within one year.

Cash Dividend

A payment made by a company out of its profits to shareholders, usually in the form of cash.

Dividends Payable

A liability on a company's balance sheet representing the amount of declared dividends that are owed to shareholders but not yet paid.

Retained Earnings

The portion of net income that is retained by the corporation rather than distributed to its owners as dividends.