Financial Accounting Prig Company hadsalessales discounts$820,000$12,300sales returns and allowances $18,450cost of goods sold $389,500operating expenses $282,080Their net income equalsa. $117,670b. $179,170c. $143,420d. $789,250e. $399,750

Step 1:First calculate the net sales: Net sales = Gross sales - Sales discounts - Sales return and…

Answered: Prig Company had sales sales discounts…

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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Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances 22000 Sales Discounts 9000 Sales Revenue 281000 Cost of Goods Sold 157000 The gross profit rate would be 49.3%. 37.2%. 43.1%. 55.2%.
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Financial information is presented below: Operating Expenses $91500 Sales Returns and 18900 Allowances Sales Discounts 11300 Sales Revenue 320600 Cost of Goods Sold 173700 The amount of net sales on the income statement would be $320600. $290400. O $301700. O $309300.

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Prig Company had sales sales discounts $820,000 $12,300 sales returns and allowances $18,450 cost of goods sold $389,500 operating expenses $282,080 Their net income equals a. $117,670 b. $179,170 c. $143,420 d. $789,250 e. $399,750