Use This Information to Answer the Following Question

question 7

Multiple Choice

Use this information to answer the following question. In addition,beginning merchandise inventory was $11,000 and ending merchandise inventory was $7,000.
Cost of goods sold for the period was

• A)$31,000.
• B)$25,000.
• C)$38,000.
• D)$23,000.

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Definitions:

Dividend Income

Income received from owning shares in a company, typically paid out from the company's profits to its shareholders at regular intervals.

Date of Record

The specific date on which a company determines its shareholders' eligibility to receive dividends or share distributions.

Resolution to Pay

A formal decision made by a company's board of directors to distribute funds, often as dividends, to shareholders.

Dividend Payment

A payout of part of a firm's profits, determined by its board of directors, and given to its stockholders.