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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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.