On an income statement, if Sales total $40,000, Sales Returns and Allowances $3,000, and Sales Discounts $1,000, net sales will total:
a. $44,000
b. $42,000
c. $36,500
d. $36,000
e. $35,500
d
You might also like to view...
Answer the following statements true (T) or false (F)
The Accounting Standards Steering Committee (ASSC) is the United Kingdom equivalent of the Securities and Exchange Commission.
The amount of income that would result from an alternative use of cash is called:
A) differential income B) sunk cost C) differential revenue D) opportunity cost
Which is a major limitation of exclusive distribution?
a. poor relations among channel members b. limited sales potential c. high price competition d. low levels of customer service
Because common stockholders have a right to the cash flows remaining after all claims on the corporation have been satisfied, they are known as:
A) Preferred shareholders. B) Fiduciary claimants. C) Limited liability participants. D) Residual claimants. E) Principal shareholders.