At the End of the Year Stan Still Stationery Store

question 62

Multiple Choice

At the end of the year Stan Still Stationery Store had the following balances: Sales $485,000; Sales Discounts $2,540; Sales Returns and Allowances $14,280; Sales Salaries Expense $54,000. The Net Sales for the year are:

• A)$414,180
• B)$468,180
• C)$501,820
• D)$447,820

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Definitions:

Consolidated Current Assets

The total value of all short-term assets held by a company and its subsidiaries, as reported on a consolidated balance sheet.

Excess Consideration

This term is involved in accounting and finance, indicating the amount paid over the fair value of the net assets of a company during an acquisition.

Underlying Book Value

The net asset value of a company calculated from its financial statements, excluding intangible assets and liabilities.