The Following Account Balances Were Drawn from the Financial Statements

question 43

Multiple Choice

The following account balances were drawn from the financial statements of Grayson Company: $\begin{array}{llll}\text { Cash } & \$ 8,800 & \text { Accounts payable } & \$ 2,050\\\text { Accounts receivable } & \$ 3,000 & \text { Common stock } &? \\\text { Land } & \$ 16,000 & \text { Retained earnings, } & \$ 5,400\\ && \text {January 1}\\ && \text {Revenue}& \$ 19,000 \\ && \text {Exmenses}&\$14,500\end{array}$

Based on the above information, what is the balance of Common Stock for Grayson Company?

• A) $15,400
• B) $19,900
• C) $900
• D) $20,800

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Definitions:

Bill Of Material

An exhaustive inventory of raw ingredients, parts, and assemblies needed for building, producing, or fixing a product or service.

Demand

The quantity of a product or service that consumers are willing and able to purchase at a given price.

Part D

is often associated with Medicare, representing the plan that covers prescription drugs for enrollees, but without further context, the specification of "Part D" might vary.

Cumulative Lead Time

The total time required to manufacture and deliver a product, including all processes from raw materials to finished goods.