Financial information is presented below: $$\begin{array} { l r }
\text { Operating Expenses } & \$ 90,000 \
\text { Sales Returns and Allowances } & 18,000 \
\text { Sales Discounts } & 12,000 \
\text { Sales Revenue } & 320,000 \
\text { Cost of Goods Sold } & 174,000
\end{array}$$ The amount of net sales on the income statement would be
A) $290,000.
B) $302,000.
C) $308,000.
D) $320,000.

Question

Financial information is presented below: $$\begin{array} { l r } 
\text { Operating Expenses } & \$ 90,000 \
\text { Sales Returns and Allowances } & 18,000 \
\text { Sales Discounts } & 12,000 \
\text { Sales Revenue } & 320,000 \
\text { Cost of Goods Sold } & 174,000
\end{array}$$ The amount of net sales on the income statement would be
A) $290,000.
B) $302,000.
C) $308,000.
D) $320,000.

Quizplus · Accepted Answer

Net sales = Sales revenue - Sales returns and allowances - Sales discounts= 320,000 - 18,000 - 12,000= $290,000

Financial Information Is Presented Below The Amount of Net Sales on the Income Statement Would