The 2010 and 2012 Market Share Data of the Three

question 66

Multiple Choice

The 2010 and 2012 market share data of the three competitors (Alston,Baren,and Clemson) in an oligopolistic industry are presented in the following pie charts. Total sales for this industry were $1.5 billion in 2010 and $1.8 billion in 2012.Baren's sales in 2010 were ___________.

• A) $342 million
• B) $630 million
• C) $675 million
• D) $828 million
• E) $928 million

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in the net profit or loss for that period.

Insurance Expense

The cost incurred by an entity to obtain insurance coverage, recognized as an expense over the period the insurance protection is provided.

Retained Earnings

The portion of net income not distributed as dividends but retained by the company to reinvest in its core business or to pay debt.

Adjusted Trial Balance

An adjusted trial balance is a list of all the accounts of a company, including any adjustments, showing the final balances to be used for preparing financial statements.