The Following Account Balances Were Drawn from the Financial Statements

question 61

Multiple Choice

The following account balances were drawn from the financial statements of Grayson Company: $\begin{array}{llll}\text { Cash } & \$ 6,000 & \text { Accounts payable } & \$ 2,050\\\text { Accounts receivable } & \$ 3,100 & \text { Common stock } &? \\\text { Land } & \$ 9,600 & \text { Retained earnings, } & \$ 4,300\\ && \text {January 1}\\ && \text {Revenue}& \$ 11,100 \\ && \text {Exmenses}&\$8,050\end{array}$
Based on the above information, what is the balance of Common Stock for Grayson Company?

• A) $12,350
• B) $9,300
• C) $1,250
• D) $12,000

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Definitions:

Connective Tissue

A type of biological tissue that supports, connects, or separates different types of tissues and organs in the body.

Elastic Fibers

Protein fibers found in connective tissue that have the ability to stretch and recoil, providing elasticity to tissues such as skin and blood vessels.

Intercostal Muscles

The intercostal muscles are a group of muscles located between the ribs that play a vital role in the process of breathing, helping expand and contract the chest cavity.

Pectoralis Major

The principal muscle of the chest wall.