Ryerson Co

question 53

Multiple Choice

Ryerson Co.provides goods and services to customers during the year totaling $100,000.Also during the year,customers are granted discounts,returns,and allowance of $20,000.At the end of the year,Ryerson estimates that an additional $5,000 in discounts,returns,and allowances will occur next year as a result of sales transactions this year.What is the amount of net revenues Ryerson will report in its current-year income statement?

• A)$85,000.
• B)$75,000.
• C)$100,000.
• D)$80,000.

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Definitions:

Management

Process of achieving organizational objectives through people and other resources.

Union Contracts

Agreements between employers and labor unions that outline wages, benefits, and working conditions for the union members.

Arbitrator

An independent individual or panel appointed to settle a dispute outside the court system, whose decision is usually binding.

Legally Binding

Agreements or contracts that are enforceable by law, meaning parties must adhere to the agreed terms.