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Question 17 (of 40) Newark Company has provided the following information: Cash sales, $610,000 Credit sales, $1,510,000 . Selling and administrative expenses, $490,000 . Sales returns and allowances, $106,000 Gross profit, $1,520,000 . Increase in accounts receivable, $71,000 . Bad debt expense, $49,000 . Sales discounts, $59,000 . Net income, $1,030,000 How much is Newarks cost of sales? O s484000 O $435,00o. O s600.000 O $364,000
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Answer #1

$ 435,000

Working;

Cash Sales $   6,10,000
Credit Sales $ 15,10,000
Total Sales $     21,20,000
Less:
Sales Returns and allownces $   1,06,000
Sales discount $       59,000 $       1,65,000
Net Sales $     19,55,000
Less:Gross Profit $     15,20,000
Cost of goods sold $       4,35,000
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