What Entry Would You Make on an Income Statement for NET

question 96

Multiple Choice

What entry would you make on an income statement for NET SALES for the year ended December 31, 2011? Gross Sales, $200,000; Sales Returns and Allowances, $5,800; Sales Discounts, $5,700; Merchandise Inventory, January 1, 2011, $67,100; Merchandise Inventory, December 31, 2011, $51,900; Net Purchases, $89,200; Freight In, $700; Salaries, $81,800; Rent, $18,600; Utilities, $1,125; Insurance, $2,175; and Income Tax, $14,900.

• A) $105,100
• B) $118,600
• C) $157,000
• D) $188,500

Calculate the population growth or decline rates and predict population changes over time.

Compute the time required for investments to grow, depreciate, or mature using specific interest rates.

Determine the amount of interest paid or earned on various loans and investments.

Analyze investment growth rates and understand the impact of compounding frequencies.

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Definitions:

Marginal Time

The additional time required to produce one extra unit of output or complete an additional activity.

Legoland

A theme park chain inspired by the Lego brand, featuring rides, shows, and models made of millions of Lego bricks.

Efficient Market

A market in which all available information is fully and immediately reflected in stock prices, making it impossible to achieve consistently higher returns.

Profit Opportunities

Situations where businesses can earn additional profits due to market conditions, innovations, or identifying unmet needs.