Referring to the Following Table,what Is the Net Income A) $35,000
B) $45,000
C) $60,000
D) $180,000

question 68

Multiple Choice

Referring to the following table,what is the Net income? $\begin{array}{|l|r|}\hline\text { Sales revenue } & \$ 460,000 \\\hline \text { Cost of goods sold } & 300,000 \\\hline \text { Operating expenses } & 85,000 \\\hline \text { Sales discounts } & 20,000 \\\hline \text { Sales returns and allowances } & 15,000 \\\hline \text { Interest revenue } & 5,000\\\hline\end{array}$

• A) $35,000
• B) $45,000
• C) $60,000
• D) $180,000

---

Definitions:

Post-closing Account Balances

The balances of all ledger accounts after adjusting entries have been made and temporary accounts have been closed out at the end of an accounting period.

Non-cash Assets

Assets that are not in the form of cash or cannot be easily converted into cash, such as property, plant, and equipment.

Sale

A sale involves the exchange of a good or service for payment, constituting a basic, essential activity of any business.

Conflict Theory

A social theory that views human society as an arena of inequalities that breed conflict and social change.