You bought a $500 stereo on an installment plan and made two payments of $75 each during the year. On your income and expense statement for the year, you will show an expense of:
A) $150.
B) $575.
C) $650.
D) $500.
E) $75.

Question

Quizplus · Accepted Answer

The expense shown on the income and expense statement for the year would be the total of the payments made, which is $150 ($75 + $75).

You Bought a $500 Stereo on an Installment Plan and Made