Financial information is presented below:Operating expenses$ 48000Sales returns and allowances6000Sales discounts7000Sales revenue140000Cost of goods sold88000The amount of net sales on the income statement would be $127000.$134000.$133000.$140000.

Net Sales = Sales revenue - Sales discounts - Sales returns and allowances

Answered: Financial information is presented…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ameena traders have reported annual sales of OMR 15000, Carriage inwards of OMR 1000, Sales discount of OMR 1000 and sales return of OMR 1500. Calculate net sales? a. OMR 15000 O b. OMR 12500 O c. OMR 10500 O d. OMR 11500
Presented below are the information taken from the books of NMIXX Co. 2022 2023 Sales Regular P 125,000 P 187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31,250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137,500 Installment sales - 2022 37.500 25,000 Installment sales - 2023 62,500 How much is the Realized gross profit in installment and net income for the year 2023?
Milton Company provides this information for the month of November, 2008: sales on credit P150,000; cash sales P50,000; sales discounts P2,000; and sales returns and allowances P8,000. How much would be the net sales?
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Financial Information for the Diaz Corp. is presented below: Operating expenses-45000 sales returns and allowances-4000 Allowance for doubtful accounts-300 sales discounts-7000 purchase allowances-14000 sales revenue-150000 cost of goods sold-96000 What amount of net sales should be reported on the company's income statement?
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Financial information is presented below: Operating expenses $ 33000 Sales revenue 211000 Cost of goods sold 129000 Gross profit would be $178000. $ 82000. $ 33000. $ 49000.
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Financial information is presented below: Operating Expenses $56000 Sales Revenue Cost of Goods Sold Gross profit would be $48000. $238000. $182000. $104000. 238000 134000
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Financial information is presented below: Operating expenses $ 29000 Sales returns and 9000 allowances Sales discounts 3000 Sales revenue 154000 Cost of goods sold 95000 Gross profit would be $56000. $59000. $47000. $50000.

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Operating expenses	$ 48000
Sales returns and allowances	6000
Sales discounts	7000
Sales revenue	140000
Cost of goods sold	88000

Financial information is presented below: Operating expenses $ 48000 Sales returns and allowances 6000 Sales discounts 7000 Sales revenue 140000 Cost of goods sold 88000 The amount of net sales on the income statement would be $127000. $134000. $133000. $140000.