Use this information to answer the following question. The selected accounts and balances for Keystone Market appear as follows:
The amount of net sales on the income statement would be
A) $169,000.
B) $144,000.
C) $131,000.
D) $137,000.

Question

Use this information to answer the following question. The selected accounts and balances for Keystone Market appear as follows:
 The amount of net sales on the income statement would be
A) $169,000. 
B) $144,000. 
C) $131,000. 
D) $137,000.

Quizplus · Accepted Answer

The net sales can be calculated as the total sales revenue minus sales returns and allowances. From the given information, the total sales revenue is $144,000 and the sales returns and allowances are $13,000. Therefore, the net sales would be $144,000 - $13,000 = $131,000. So, the correct choice is C.

Use This Information to Answer the Following Question