Author Question: What entry would you make on an income statement for NET SALES for the year ended December 31, 2011? ... (Read 141 times)

lak · **on:** Jun 24, 2018

What entry would you make on an income statement for NET SALES for the year ended December 31, 2011? Gross Sales, 200,000; Sales Returns and Allowances, 5,800; Sales Discounts, 5,700; Merchandise Inventory, January 1, 2011, 67,100; Merchandise Inventory, December 31, 2011, 51,900; Net Purchases, 89,200; Freight In, 700; Salaries, 81,800; Rent, 18,600; Utilities, 1,125; Insurance, 2,175; and Income Tax, 14,900.
A) 105,100
B) 118,600
C) 157,000
D) 188,500

Question 2

Convert the percent to a decimal: 192