Golden Oak Antique Shop Had the Following Account Balances at the End

question 68

Multiple Choice

Golden Oak Antique Shop had the following account balances at the end of the current accounting period: The normal gross profit for the company is $45%. What was the company's estimated cost of goods sold for the accounting period?

• A)$40,150
• B)$32,038
• C)$48,125
• D)$39,375

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Definitions:

Financing Activities

Activities that result in changes in the size and composition of the equity capital and borrowings of an entity.

Unamortized Discount

The portion of a bond issuance discount that has not yet been expensed to interest over the bond’s life.

Journal Entry

A record in accounting that notes the details of a financial transaction.

Face Value

The nominal value of a security stated by the issuer, which is the amount to be repaid at maturity in the case of a bond or the value represented by each share of stock.