FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gross billings for merchandise sold by X Company to its customers last year amounted to $12,720,000; sales returns and allowances were $370,000, sales discounts were

image text in transcribed
Gross billings for merchandise sold by X Company to its customers last year amounted to $12,720,000; sales returns and allowances were $370,000, sales discounts were $175,000, and freight-out was $140,000. Net sales last year for Lang Company were O a. $12,035,000 O b. $12,720,000 O c. $12,350,000 d. $12,175,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Process Safety Management Risk Management Planning Auditing Handbook A Checklist Approach

Process Safety Management Risk Management Planning Auditing Handbook A Checklist Approach

Authors: David Einolf, Luverna Menghini

1st Edition

086587686X, 978-0865876866

More Books

Students also viewed these Accounting questions

Question

★★★★★
With reference to the data below, an open pit mine has reached an economic limit (3,000 ft, 914 m depth), so underground mining is being considered using a block caving method. A mainline ramp 16 ft...

Answered: 1 week ago

Question

★★★★★
When you check the air pressure in a tire, a little air always escapes; the process of making the measurement changes the quantity being measured. Think of other examples of measurements that change...

Answered: 1 week ago

Question

★★★★★
Through observational learning, one learns how to perform a behavior and also what will happen in specific situations if one performs it. Observation can be a very efficient learning process. What...

Answered: 1 week ago

Question

★★★★★
Use the narratives in Chapter 1 and above to identify the typical outputs (reports and displays) the various stakeholders might want to retrieve from your database. Now, revisit the E-R diagram you...

Answered: 1 week ago

Question

★★★★★
Calculate the bond equivalent yield and effective annual return on fed funds that are 3 days from maturity and have a quoted yield of 0.25 percent. (Do not round intermediate calculations. Round your...

Answered: 1 week ago

Question

★★★★★
) > ( 0 The reaction takes place at T 2 temperature and 1 atm pressure. Substance K melts at Ti temperature and is TiKTz. Between 2 9 8 K and Tz , substance A is in the gaseous state, and substances...

Answered: 1 week ago

Question

★★★★★
A client comes into a bank and requests to make a bank deposit of $9000. Under the Proceeds of Crime and Terrorist Financing Act of 2000 what must the bank do to be compliant with legislation? Select...

Answered: 1 week ago

Question

★★★★★
In the country Gamma it takes 6 hours to produce one automobile and 1 hour to produce a bale of cotton. In the country Delta it takes 10 hours to produce one automobile and 2.5 hours to produce a...

Answered: 1 week ago

Question

★★★★★
I. Suppose that there are only 10 individuals in the economy each with the following utility function over present and future consumption : U (c1, c2) = c1 + 2 / 3 c2, where c1 is consumption today,...

Answered: 1 week ago

Question

★★★★★
QUESTION 10/12 Company A's total royalty expenses for a specific product vary based on the total revenue (dollars in thousand), shown as below: Which of the following statements is correct? 1 point...

Answered: 1 week ago

Question

★★★★★
The relativistic Doppler shift causes the light from a distant galaxy to be blue shifted by 5%. What is the speed of the galaxy relative to the earth?

Answered: 1 week ago

Question

★★★★★
1 What are the main factors in successful international joint ventures in China, and what are the main factors in failed joint ventures?

Answered: 1 week ago

Question

★★★★★
Autonomous and cross-functional work teams may only be appropriate in a lower power distance, low hierarchy culture, where autonomy of functional units is not protected, and which favours matrix...

Answered: 1 week ago

Question

★★★★★
2 Are organizational forms and work practices involving lateral and temporal flexibility in the European Union transferable to other regions across the globe?

Answered: 1 week ago

Previous Question Next Question