What Is the Balance in the Allowance for Sales Returns

question 67

Multiple Choice

What is the balance in the allowance for sales returns account at the end of 2016?

• A)$32,000.
• B)$39,000.
• C)$43,000.
• D)$40,000.

---

Definitions:

Upper Class

A social group at the top of a socioeconomic hierarchy, usually possessing significant wealth, power, and influence.

Capitalist Economy

An economic system in which private individuals rather than the state own and control property and businesses, and the production of goods and services is based on supply and demand in the market.

Accumulated Wealth

The total assets amassed by an individual, family, or institution over time, including money, investments, real estate, and valuable possessions.

Stratification Systems

Refers to the hierarchical arrangement of individuals in a society based on socioeconomic factors like wealth, race, education, and power.