Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

4. Merchandising Operations

Net Sales

Financial Accounting

4. Merchandising Operations

Net Sales

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Multiple Choice

Henry earned \$280 mowing lawns. If he saved 65\% of the money he earned, how much money did he save?

\$182

\$195

\$210

\$145

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Verified step by step guidance

Step 1: Identify the total amount of money Henry earned, which is $280.

Step 2: Determine the percentage of money Henry saved, which is 65%. Convert this percentage into a decimal by dividing by 100. This gives 0.65.

Step 3: Multiply the total amount earned ($280) by the decimal form of the percentage saved (0.65). Use the formula: $ \text{Saved Amount} = \text{Total Earned} \times \text{Percentage Saved} $.

Step 4: Perform the multiplication to find the saved amount. This step involves calculating $ 280 \times 0.65 $.

Step 5: Compare the calculated saved amount to the provided answer choices (\

182

195

210

145

) to identify the correct answer.