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How much is the company's cost of sales?

How much is the company's cost of sales?

FINANCIAL ACCOUNTING
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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Multiple Choice $640,000. $392,000. $467,000. $520,000.
Transcribed Image Text:Multiple Choice $640,000. $392,000. $467,000. $520,000.
A company has provided the following information: Cash sales, $650,000 • Credit sales, $1,550,000 . Selling and administrative expenses, $530,000 • Sales returns and allowances, $110,000 ● . Gross profit, $1,560,000 • Increase in accounts receivable, $75,000 • Bad debt expense, $53,000 • Sales discounts, $63,000 . Net income, $1,030,000 How much is the company's cost of sales? Multiple Choice O $640,000. $392,000. $467,000.
Transcribed Image Text:A company has provided the following information: Cash sales, $650,000 • Credit sales, $1,550,000 . Selling and administrative expenses, $530,000 • Sales returns and allowances, $110,000 ● . Gross profit, $1,560,000 • Increase in accounts receivable, $75,000 • Bad debt expense, $53,000 • Sales discounts, $63,000 . Net income, $1,030,000 How much is the company's cost of sales? Multiple Choice O $640,000. $392,000. $467,000.
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