False Value Hardware Began 2018 with a Credit Balance of $32,000

question 134

Multiple Choice

False Value Hardware began 2018 with a credit balance of $32,000 in the allowance for sales returns account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. False Value estimates that 6% of all sales will be returned. During 2018, customers returned merchandise for credit of $28,000 to their accounts.
-False Value Hardware's 2018 income statement would report net sales of:

• A) $622,000.
• B) $607,000.
• C) $646,000.
• D) $611,000.

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Definitions:

Parasympathetic System

Part of the autonomic nervous system that conserves energy as it slows the heart rate, increases intestinal and gland activity, and relaxes sphincter muscles.

Hormonal Transmission

The process by which hormones are released into the bloodstream by endocrine glands and then travel to target organs or tissues to exert their effects.

Hypertension

A chronic medical condition where the blood pressure in the arteries is persistently elevated, potentially leading to significant health issues.

Antecedent Factor

An element, condition, or event that precedes a behavior or occurrence and influences its outcome or existence.