A Company Had the Following Partial List of Account Balances

question 28

Multiple Choice

A company had the following partial list of account balances at year-end:

$\begin{array}{c}\begin{array}{|l} \hline\text {Gales Returns and Allowarices }\\ \hline\text {Accourt Receivable }\\ \hline \text { Bales Discouts}\\ \hline \text { Bales Reverue}\\ \hline \text { Bellirg ard Adrniristrative Expenses }\\ \hline\end{array}\begin{array}{|r|} \hline\$500\\ \hline9,000\\ \hline700\\ \hline57,200\\ \hline300\\ \hline\end{array}\end{array}$
The amount of net sales reported on the income statement would be:

• A)$57,200.
• B)$64,200.
• C)$56,000.
• D)$55,700.

---

Definitions:

Maritime Engineering

A branch of engineering that deals with the design, construction, maintenance, and operation of ships and other maritime vessels.

Consumer Tastes

Preferences and demands of consumers which influence product design and marketing strategies.

Product Strategy

A company's plan for marketing its products, focusing on product design, features, and benefits to stand out in the market.

Competitive Advantage

A condition that allows a company or country to produce a good or service at a lower price or in a more desirable fashion for customers than competitors.