A company had the following partial list of account balances at year-end: The amount of net sales reported on the income statement would be:
A)$57,200.
B)$64,200.
C)$56,000.
D)$55,700.

Question

Quizplus · Accepted Answer

The amount of net sales reported on the income statement can be calculated as follows:

Net Sales = Sales Revenue - Sales Returns and Allowances - Sales Discounts
Net Sales = $56,000 - $800 - $200
Net Sales = $55,000

Therefore, the correct answer is C.

A Company Had the Following Partial List of Account Balances