Compute the Current Liabilities for the Yi Yo Investment Center

question 4

Multiple Choice

Compute the current liabilities for the Yi Yo investment center as shown below.

• A) $475
• B) $525
• C) $1,000
• D) $11,500

---

Definitions:

Identification

In a sale of goods, the express designation of the specific goods provided for in the contract.

Buyer

An individual or entity that acquires goods or services in exchange for money.

Lessee

A person who pays for the use or possession of another’s property.

Shipment Contract

A contract in which the seller is required to ship the goods by carrier. The buyer assumes liability for any losses or damage to the goods after they are delivered to the carrier. Generally, a contract is assumed to be a shipment contract if nothing to the contrary is stated in the contract.