-The amount of net sales on the income statement would be:
A) $131,000.
B) $137,000.
C) $144,000.
D) $150,000.

Name: -The amount of net sales on the income statement would be: A) $131,000. B) $137,000. C) $144,000. D) $150,000.
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Question

-The amount of net sales on the income statement would be:
A) $131,000. 
B) $137,000. 
C) $144,000. 
D) $150,000.

Quizplus · Accepted Answer

Sales returns and allowance, a contra revenue account, is deducted from sales in the income statement to arrive at net sales ($150,000 - $13,000 = $137,000).

-The Amount of Net Sales on the Income Statement Would