Use This Information to Answer the Following Question The Amount of Net Sales on the Income Statement Would

question 95

Multiple Choice

Use this information to answer the following question. The selected accounts and balances for Pawnee Market appear as follows:
$\begin{array}{lr}\text { Advertising Expense } & 28,000 \\\text { Common Stock } & 200,000 \\\text { Dividends } & 42,000 \\\text { Freight-In } & 14,000 \\\text { Freight-Out Expense } & 20,000 \\\text { Interest Income } & 48,000 \\\text { Merchandise Inventory (Jan. 1) } & 140,000 \\\text { Merchandise Inventory (Dec. 31) } & 112,000 \\\text { Purchases } & 120,000 \\\text { Purchases Returns and Allowances } & 8,000 \\\text { Rent Expense } & 18,000 \\\text { Retained Earnings } & 80,000 \\\text { Sales } & 300,000 \\\text { Sales Returns and Allowances } & 38,000 \\\text { Wages Expense } & 64,000\end{array}$ The amount of net sales on the income statement would be

• A) $338,000.
• B) $288,000.
• C) $262,000.
• D) $274,000.

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