A Company Had the Following Partial List of Account Balances

question 16

Multiple Choice

A company had the following partial list of account balances at year-end: $$\begin{array} { | l | r | } \hline \text { Sales returns and allowances } & \$ 500 \\\hline \text { Trade receivables } & 9,000 \\\hline \text { Sales discounts } & 700 \\\hline \text { Sales revenues } & 57,200 \\\hline \text { Allowance for doubtful accounts } & 300 \\\hline\end{array}$$
-What amount of Net Sales would be shown on the income statement?

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

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Definitions:

Rail Industry

The sector of the economy dedicated to the operation of rail transportation, including companies that operate trains and manage rail infrastructure.

Labor Organizations

Groups formed by workers to promote and protect their rights and interests, including trade unions.

American Federation of Labor

A national federation of labor unions in the United States, established in 1886, that aimed to organize skilled workers into national unions according to their crafts.

Industrial Workers

Individuals employed in sectors focused on the production and manufacturing of goods, often distinguished by their involvement in physically intensive or machinery-centric tasks.