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Author Question: Use the following financial information to find the entry you would make on an income statement for ... (Read 147 times)

bio_gurl

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on: Jun 24, 2018
Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, 123,000; Sales Returns and Allowances, 9,300; Sales Discounts, 8,700; Merchandise Inventory, January 1, 2011, 89,000; Merchandise inventory, December 31, 2011, 109,500; Net Purchases, 74,700; Freight In, 575; Salaries, 107,800; Rent, 20,100; Utilities, 1,425; Insurance, 2,250; and Income Tax, 15,900.
 A) 81,350
  B) 97,250
  C) (97,250)
  D) (15,900)

Question 2

Convert the decimal to a percent: .625


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fatboyy09

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Reply #1 on: Jun 24, 2018
Answer to Question 1

C

Answer to Question 2

62.5


bio_gurl

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Reply #2 on: Jun 24, 2018
Correct answers!


fatboyy09

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Reply #3 on: Jun 24, 2018
Great! Please up vote :D


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