Vertex Audio Systems had the following data for the period just ended: • Cash Sales: $70,000 • Credit Sales: $280,000 Sales Discounts: $25,000 • Sales Returns & Allowances: $15,000 • • Freight-in: $12,000 Freight-out: $16,000 What amount would the company report as net sales revenue on its income statement? a) $325,000 b) $310,000 c) $330,000 d) $335,000

Vertex Audio Systems had the following data for the period just ended: • Cash Sales: $70,000 • Credit Sales: $280,000 Sales Discounts: $25,000 • Sales Returns & Allowances: $15,000 • • Freight-in: $12,000 Freight-out: $16,000 What amount would the company report as net sales revenue on its income statement? a) $325,000 b) $310,000 c) $330,000 d) $335,000

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...

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