The Amount of Liabilities Reported on the End-Of-Period Balance Sheet

question 78

Multiple Choice

The amount of liabilities reported on the end-of-period balance sheet was

• A)$10,750.
• B)$11,250.
• C)$8,000.
• D)$8,750.

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Definitions:

Cost of Goods Sold

An accounting term referring to the direct costs attributable to the production of the goods sold by a company, including materials and labor.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.

Spreadsheet

A digital document comprised of rows and columns, used to organize, calculate, and manage data, commonly through software like Microsoft Excel or Google Sheets.

Job-Order Costing

An accounting system that tracks costs individually for each job, suitable for custom or unique product manufacturing.