Bishop Company Wrote Checks Totaling $51240 During October (Its First

question 190

Multiple Choice

Bishop Company wrote checks totaling $51240 during October (its first month of operations) and $55950 during November.$48720 of these checks cleared the bank in October and $54660 cleared the bank in November.What was the amount of outstanding checks on November 30?

• A)$3810.
• B)$690.
• C)$1830.
• D)$5940.

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Definitions:

Initial Endowment

The initial quantity of goods, services, and assets that an individual, organization, or economy possesses.

Pareto Optimal

An allocation of resources from which it is impossible to reallocate without making at least one individual worse off.

Utility Function

A mathematical representation that captures the level of satisfaction or happiness that consumers derive from consuming goods and services.

Initial Endowment

The original distribution of resources, wealth, or abilities that individuals or groups possess in an economic model.