A Company Had the Following Partial List of Account Balances

question 64

Multiple Choice

A company had the following partial list of account balances at year-end: What amount of Net Sales would be shown on the income statement?

• A) $57,200.
• B) $64,200.
• C) $55,700.
• D) $56,000.

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Definitions:

Petty Cash

A small amount of cash available for small business expenses used for postage stamps, inexpensive office supplies, and small charitable donations, usually maintained in a locked container.

Depleted

Consumed, emptied, exhausted.

Company Email Address

An email account provided by an employer to their employees for professional use, associated with the organization’s domain name.

Invoice Number

A unique identification number assigned to an invoice, used to refer to and track the transaction.