The Following Is a Random List of the Accounts of Wyoming

question 51

Multiple Choice

The following is a random list of the accounts of Wyoming Company:
If these accounts were presented in a trial balance,the total of the credit column would be equal to:

• A)$112,200.
• B)$114,200.
• C)$116,200.
• D)$79,800.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including material and labor costs.

Income Statement

An income statement is a financial statement that reports a company's financial performance over a specific accounting period, detailing revenues and expenses to show net profit or loss.

Net Realizable Value

The estimated selling price of an item in the ordinary course of business minus any costs associated with the sale or disposal of the item.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of a company's accounts receivable that may not be collectible.