Newark Company Has Provided the Following Information: • Cash Sales,$450,000

question 72

Multiple Choice

Newark Company has provided the following information: • Cash sales,$450,000
• Credit sales,$1,350,000
• Selling and administrative expenses,$330,000
• Sales returns and allowances,$90,000
• Gross profit,$1,360,000
• Increase in accounts receivable,$55,000
• Bad debt expense,$33,000
• Sales discounts,$43,000
• Net income,$1,030,000
-
How much is Newark's cost of sales?

• A)$307,000.
• B)$252,000.
• C)$440,000.
• D)$340,000.

---

Definitions:

Supplemental Nutrition Assistance Program

The Supplemental Nutrition Assistance Program (SNAP) is a federal assistance program in the United States that provides food-purchasing assistance for low- and no-income people.

Cash-Vouchers

These are instruments provided to individuals or entities which can be exchanged for goods or services instead of using actual cash.

Income Equality

The equal distribution of income among all members of society, aiming to reduce economic disparities.