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.

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Definitions:

Anal Expulsive

A psychoanalytic concept suggesting a personality type that results from a child's experience during the anal stage of psychosexual development, often associated with messiness or disorganization.

Anal Retentive

Pertains to a personality trait characterized by orderliness, meticulousness, and a controlling attitude, believed by Freud to originate during the anal stage of psychosexual development.

Personality

The characteristic set of behaviors, cognitions, and emotional patterns that evolve from biological and environmental factors.

Sensual Pleasure

Refers to the gratification derived from satisfying one's senses, often relating to touch, taste, smell, sight, and sound.