A Local Walmart Sells Sweatpants ($7)and Jackets ($14)

question 33

Multiple Choice

A local Walmart sells sweatpants ($7) and jackets ($14) . If total sales were $6,160 and customers bought 8 times as many sweatpants as jackets, what would be the number of jackets sold?

• A)880
• B)8
• C)88
• D)8,880
• E)None of these

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Definitions:

Expense Charged

An amount incurred by a business as a result of its operational activities.

Expense Recognition

The accounting principle that dictates expenses should be recorded in the period in which they are incurred, not necessarily when they are paid.

Capital Lease

A lease classified as an asset on a lessee's balance sheet, indicating the lessee has substantial control over the asset.

Operating Lease

A lease agreement for equipment or property that does not transfer ownership to the lessee and is typically for a period shorter than the asset's useful life.