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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
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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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
Transcribed Image Text: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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