Use This Information to Answer the Following Question Goods Available for Sale Would Appear on the Income Statement

question 199

Multiple Choice

Use this information to answer the following question. The selected accounts and balances for Pawnee Market appear as follows:
$\begin{array}{lr}\text { Advertising Expense } & 28,000 \\\text { Common Stock } & 200,000 \\\text { Dividends } & 42,000 \\\text { Freight-In } & 14,000 \\\text { Freight-Out Expense } & 20,000 \\\text { Interest Income } & 48,000 \\\text { Merchandise Inventory (Jan. 1) } & 116,000 \\\text { Merchandise Inventory (Dec. 31) } & 112,000 \\\text { Purchases } & 120,000 \\\text { Purchases Returns and Allowances } & 8,000 \\\text { Rent Expense } & 18,000 \\\text { Retained Earnings } & 80,000 \\\text { Sales } & 300,000 \\\text { Sales Returns and Allowances } & 38,000 \\\text { Wages Expense } & 64,000\end{array}$ Goods available for sale would appear on the income statement as

• A) $228,000.
• B) $122,000.
• C) $242,000.
• D) $102,000.

Identify when a production level is optimal based on marginal costs and benefits.

Analyze how marginal benefits change with consumption.

Interpret economic data from tables to determine cost and production levels.

Apply the concept of marginal analysis to real-world scenarios in production.

---

Definitions:

Goodwill

An intangible asset representing the value of a company's brand, customer base, and reputation.

Beginner's Mistakes

Common errors made by novices in a particular field, often due to lack of experience, which can serve as valuable learning opportunities.

Tangible Assets

Physical and material assets that have monetary value and can be seen, touched, and quantified, such as machinery, buildings, and inventory.

Sales Potential

The estimated maximum total sales revenue of a product in a specific market during a certain time period.