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

question 127

Multiple Choice

Use this information to answer the following question. The selected accounts and balances for Keystone Market appear as follows:
$$\begin{array} { l r } \text { Advertieing Esguense } & 14,000 \\\text { Common Stock } & 100,000 \\\text { Dividends } & 21,000 \\\text { Fraight-In } & 7,000 \\\text { Freight-Out Esgense } & 10,000 \\\text { Interest Income } & 24,000 \\\text { Merchandise Inventory (Jan. 1) } & 58,000 \\\text { Merchandise Inventory (Dec. 31) } & 56,000 \\\text { Purchases } & 60,000 \\\text { Purchases Returns and Allowances } & 4,000 \\\text { Rent Exgense } & 9,000 \\\text { Retained Earning } & 40,000 \\\text { Sales } & 150,000 \\\text { Sales Returns and Allowances } & 19,000 \\\text { Wages Engense } & 32,000\end{array}$$ Goods available for sale would appear on the income statement as

• A) $114,000.
• B) $61,000.
• C) $121,000.
• D) $51,000.

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Definitions:

E-commerce Offering

Products or services sold online through a website or mobile app, facilitating convenient shopping for consumers.

Changing Values

Refers to the evolution or shift in the beliefs, priorities, and attitudes of individuals or groups over time.

Quiet Possession

The legal guarantee that a buyer or lessee can enjoy the use of property without interference or claims from a third party.

Monthly Tenancy

A rental agreement where the lease is renewed on a monthly basis, allowing for more flexibility in tenancy duration.