Chen's Department Store is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales $175,000 Purchases 90,000 Inventory (beginning) 23,000 Inventory (ending) 17,000 Purchase returns and allowances 3,000 Purchase discounts 7,000 Transportation-in 4,000 Sales discounts 8,000 Sales returns and allowances 5,000 Refer to the account information
for Chen's Department Store. Calculate Chen's net sales.
a. $162,000
b. $167,000
c. $170,000
d. $175,000
a
You might also like to view...
Which of the following is the best description of the purpose of financial reporting?
a. To allow users to access to the daily detailed records of a business. b. To help the users reach their decisions in an informed manner. c. To provide users with an assessment of how long the company will continue as a going concern. d. To allow users access to a list of all the individuals who owe the company money.
Recording an account with a debit balance as a credit, or an account with a credit balance as a debit, will cause the trial balance to be out of balance by an amount that is evenly divisible by two
Indicate whether the statement is true or false
Workers’ compensation is ______ insurance, which means that no matter who was at fault in an accident- or illness-related situation, the insurance will be paid out to the party harmed.
A. at-fault B. all-fault C. no-fault D. fault-fault
In a straight commercial loan funds are typically used for what time period?
A. 180 days B. Up to one year C. Less than 30 days D. 30-90 days