For the fiscal year, total sales were $8,750,000, sales discounts amounted to $95,000, and sales returns and allowances were $55,000. The company's operating expenses were $3,200,000. What was the amount of net sales? a. $8,600,000 b. $8,695,000 c. $8,750,000 d. $5,550,000

For the fiscal year, total sales were $8,750,000, sales discounts amounted to $95,000, and sales returns and allowances were $55,000. The company's operating expenses were $3,200,000. What was the amount of net sales? a. $8,600,000 b. $8,695,000 c. $8,750,000 d. $5,550,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Accounting question with correct

For the fiscal year, total sales were $8,750,000, sales discounts
amounted to $95,000, and sales returns and allowances were
$55,000. The company's operating expenses were $3,200,000. What
was the amount of net sales?
a. $8,600,000
b. $8,695,000
c. $8,750,000
d. $5,550,000

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