Find the Entry You Would Make on an Income Statement

question 94

Multiple Choice

Find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2007: Gross Sales, $161,000; Sales Returns and Allowances, $9,600; Sales Discounts, $11,600; Merchandise Inventory, January 1, 2011, $52,500; Merchandise Inventory, December 31, 2011, $62,500; Net Purchases, $82,300; Freight In, $3,000; Salaries, $94,700; Rent, $29,800; Utilities, $2,245; Insurance, $3,250; and Income Tax, $19,600.

• A) $129,995
• B) $102,875
• C) $127,750
• D) $149,595

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Definitions:

Latent Function

The unrecognized and unintended consequences of any social process, which may be beneficial, neutral, or harmful.

Dysfunction

The impairment or abnormal functioning of a system, organ, or part of an organism or society.

Cultural Hegemony

The dominance of one cultural group over others, influencing societal norms and values so that the ruling group's perspective becomes the accepted cultural norm.

Economic Domination

The control or dominant influence over economic policies or practices by certain groups or entities, often leading to disparity and inequality.