Damsel,Inc

question 185

Multiple Choice

Damsel,Inc.is a large manufacturer of auto tires.Damsel has provided the following information:

Calculate the amount of ending Finished Goods Inventory reported on Damsel's balance sheet.

• A)$3,000
• B)$70,500
• C)$37,500
• D)$19,000

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Definitions:

Credit Entries

Bookkeeping records that increase liabilities or equity or decrease assets on a company's balance sheet.

Liability Account

A financial accounting account that represents obligations to pay debts or amounts owed to others.

Capital Account

An account showing the net worth of a business entity, including its equity and investments.

Asset Account

An account that records the assets owned by a company, showing their value on the balance sheet.