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:

Coolhunting

The process of identifying and analyzing new trends, styles, and cultural shifts, often used in marketing and product development to stay ahead of consumer tastes.

Across Media

Refers to the elements that exist or operate in different types of media platforms or across various media channels.

Strategic Gains

Benefits or advantages achieved through the implementation of strategic planning and actions in a business context.

Product Life Cycle

The sequence of stages that a product goes through from introduction, growth, maturity, to decline, which affects the marketing strategy and the marketing mix.