Marcia Has a Checkbook Balance of $824

question 16

Multiple Choice

Marcia has a checkbook balance of $824.67. She has not recorded these ATM withdrawals: $20, $100, $60, and $40. She was also charged a total of $6.50 in ATM fees. What should her checkbook balance be?

• A) $604.67
• B) $598.17
• C) $591.67
• D) $498.17

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Definitions:

Variable Costing

A costing method in which only variable production costs are assigned to inventory and cost of goods sold, excluding fixed manufacturing overhead.

Income Statement

A financial statement that shows a company's revenues and expenses over a specified period, culminating in net income or loss.

Contribution Margin

The amount remaining from sales revenue after variable expenses have been deducted.

Variable Cost

A cost that changes in proportion to the level of activity or volume of production in a business.