According to Statistics Presented in the Text, in the United

question 191

Multiple Choice

According to statistics presented in the text, in the United States in colonial times about 1 in ___ people were age 65 and over; today, about 1 in ___ people are age 65 and over, and in 2030, about 1 in ___ people is expected to be age 65 and over.

• A) 10; 8; 6
• B) 50; 8; 5
• C) 100; 40; 20
• D) 100; 20; 6

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Definitions:

Merchandise Inventory

Goods that a company has in stock and available for sale, listed as an asset on the balance sheet.

Periodic Inventory System

A periodic inventory system is a method of inventory valuation where a physical count of inventory is performed at specific intervals to determine the ending inventory balance and the cost of goods sold.

Accounts Payable

Liabilities or amounts owed by a company for goods or services that have been received but not yet paid for.

Periodic System

An inventory accounting system where goods are physically counted at the end of a specific period to determine the cost of goods sold and ending inventory.