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Question

The total schedule of accounts receivable must equal ?

•The total of the sales on account for the month

•The balance of the accounts receivable controlling account

•The total of all sales for the month

•Sales on account less cash sales for the month

Find the answers for the ? :

Sales ?

Sales returns & Allowance 6000

Sales Discounts 1000 7000

Net Sales 413000

Cost of Merchandise sold ?

Gross Profit 159000

Operating Expense ?

Operating Income ?

Other Expense 24000

Net Income 43000

Answer 1

1. B The Balance of the Accounts Receivable control account

Sales = either 420000 or 426000 depends if Sales discounts was 1000 or 7000 you have both numbers on your question

Cost of Merc 254,000

Operating Exp 92,000

Op Income 67,000