Pete Smith Bought Two New Car Tires from Firestone for $89.95

question 44

Short Answer

Pete Smith bought two new car tires from Firestone for $89.95 per tire. Firestone charged Pete $3.25 per tire for mounting, $2.60 per tire for valves, and $3.80 per tire for balancing. What is Pete's final bill?

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Definitions:

Account

A record in financial accounting that tracks the increase and decrease of financial values, such as assets, liabilities, revenues, and expenses.

Revenues

The total income generated from normal business operations and before any expenses are subtracted.

Stockholders' Equity

The residual interest in the assets of a corporation that remains after deducting its liabilities. It represents ownership interest.

Statement

A document that presents an account of particular facts or events in detail.