Sable Technologies had the following data for the period just ended: • Cash sales: $50,000 • Credit sales: $350,000 • Sales discounts: $30,000 • Sales returns & allowances: $20,000 • • Freight-in: $15,000 Freight-out: $18,000 The company would report net sales revenue on its income statement of: a) $330,000 b) $320,000 c) $310,000 d) $350,000

Sable Technologies had the following data for the period just ended: • Cash sales: $50,000 • Credit sales: $350,000 • Sales discounts: $30,000 • Sales returns & allowances: $20,000 • • Freight-in: $15,000 Freight-out: $18,000 The company would report net sales revenue on its income statement of: a) $330,000 b) $320,000 c) $310,000 d) $350,000

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 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Correct answer
Ulra's net sales are ?
Please give all required answer with calculation
If gross sales is P40,000, sales returns and allowances P1,000, sales discounts P400, and delivery expenses P100, the net sales of the business will total
Please provide answer of all required
Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns and allowances $ 30,000, Cost of goods sold $ 396,500, and Operating expenses $ 84,000. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %24
Need All answer
Our company is a manufacturer and has the following data available for the current year: sales, $550,000; sales discounts, $20,000; sales returns and allowances, $15,000; and cost of goods sold, $200,000. What is the amount reported on the income statement for net sales? $530,000 $515,000 $500,000 $330,000
Hi expert solve this question. Accounting
1)Brown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales returns allowances of $24,000, and cost of goods sold of $60,000. What would be the net sales revenue of Brown Glory Corp.?