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

question 86

Multiple Choice

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

• A)$92,425
• B)$38,475
• C)$47,025
• D)$83,875

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Definitions:

Binet and Simon

Alfred Binet and Théodore Simon developed the first practical intelligence test in the early 20th century, laying the groundwork for modern IQ testing.

Ebbinghaus and Thorndike

Two influential psychologists; Ebbinghaus is known for his work on memory and forgetting, while Thorndike is known for his work on learning and the law of effect.

IQ Test

A standardized test designed to measure human intelligence and cognitive abilities in relation to an age group, often used for educational placement, assessment of intellectual disability, and job applicant evaluation.

Creative Intelligence

An aspect of intelligence that involves the ability to deal with new situations using past experiences and current skills.