4-Financial information is presented below: Operating expenses $ 41000 Sales returns and allowances 5000 Sales discounts...

Question

Question

4-Financial information is presented below:

Operating expenses	$ 41000
Sales returns and allowances	5000
Sales discounts	9000
Sales revenue	162000
Cost of goods sold	93000

5-The amount of net sales on the income statement would be

$157000.

$153000.

$148000.

$162000.

Financial information is presented below:

Operating expenses	$ 50000
Sales returns and allowances	4000
Sales discounts	7000
Sales revenue	160000
Cost of goods sold	94000

Gross Profit would be

$55000.

$70000.

$66000.

$62000.

Answer 1

Answer #1

1)	Net Sales = Sales Revenue - sales discount - sales return and allowances
	=$162000-9000-5000

	=$148000

2)	Net Sales = Sales Revenue - sales discount - sales return and allowances
	=160000-7000-4000
	=$149000

	Gross profit = net sales- cost of goods sold
	=$149000-94000

	=$55000

Answer 2

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