Solve the Problem. -A Manager of a Local Restaurant Had a Bank Balance

question 48

Multiple Choice

Solve the problem.
-A manager of a local restaurant had a bank balance of $3,592.38 on October 1. During October, the manager deposited $58,913.01 received from sales, $2,164.44 received as credits from suppliers, and
$65.59 as a county tax refund. He paid out $23,442.64 to suppliers, $4,419.77 for rent and utilities,
And $10,943.27 for salaries. What was the manager's final balance at the end of October?

• A)$61,143.04
• B)$18,744.98
• C)$25,929.74
• D)$22,337.36

---

Definitions:

Sales Returns

The process of returning purchased goods to the seller, often resulting in a refund to the buyer and an adjustment in sales revenue for the seller.

FOB Shipping Point

A shipping term indicating that the buyer assumes ownership and responsibility for goods at the seller's location, and thus is responsible for the shipping costs and potential damages.

Ownership

The legal right or title to an asset or property, encompassing the control, use, and disposition of the asset.

Perpetual System

An inventory management system that records sales and purchases of goods instantly through computerized systems to maintain accurate inventory levels at all times.