Refer to the Following Trial Balance How Much Are Net Sales Revenues?
A) $465,000
B) $480,000

question 57

Multiple Choice

Refer to the following trial balance. $$\begin{array} { | l | r | r | } \hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 15,000 & \\\hline \text { Accounts Receivable } & 42,000 & \\\hline \text { Merchandise Inventory } & 60,000 & \\\hline \text { Supplies } & 15,000 & \\\hline \text { Land } & 300,000 & \\\hline \text { Accounts Payable } & & \$ 3,000 \\\hline \text { Notes Payable } & & 25,000 \\\hline \text { Smith, Capital } & & 326,000 \\\hline \text { Smith, Withdrawals } & 3,000 & \\\hline \text { Sales Revenues } & & 480,000 \\\hline \text { Sales Returns and Allowances } & 6,000 & \\\hline \text { Sales Discounts } & 9,000 & \\\hline \text { Cost of Goods Sold } & 240,000 & \\\hline \text { Salaries Expense } & 15,000 & \\\hline \text { Utility Expense } & 69,000 \\\hline \text { Rent Expense } & 54,000 \\\hline \text { Interest Expense } & \underline { 6,000 } \\\hline \text { Totals } & \$ 834,000&\$834,000 \\\hline\end{array}$$ How much are net sales revenues?

• A) $465,000
• B) $480,000
• C) $102,000
• D) $96,000

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Definitions:

Federal Deficit

The annual shortfall where the government's expenditures exceed its revenues, contributing to the national debt.

Reagan Administration

The presidential term of Ronald Reagan, the 40th President of the United States, from 1981 to 1989, known for its conservative policies and the end of the Cold War.

Weapons Deal

An agreement between parties, typically countries or organizations, for the sale and purchase of military arms and equipment.