The Accounting Records of Stingray Company Revealed the Following Information

question 61

Multiple Choice

The accounting records of Stingray Company revealed the following information:

Stingray's cost of goods sold is:

• A) $508,000.
• B) $529,000.
• C) $531,000.
• D) $553,000.
• E) None of the answers is correct.

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within a year's time, including cash, inventory, and receivables.

Current Liabilities

Short-term financial obligations that are due within one year or within a normal operating cycle.

Ratios

A quantitative relationship between two numbers, showing how many times one value contains or is contained within the other.