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+ ㄓˋ Gerald's Department Store is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales Purchases Inventory (Beginning) Inventory (Ending) $175,000 90,000 23,000 17,000 Purchase returns and allowances 3,000 Purchase discounts 7,000 Transportation-in 4,000 Sales discounts 8,000 Sales returns and allowances 5,000 Calculate Gerald's net sales. a. $162,000 b. $167,000 c. $170,000 d. $175,000

+ ㄓˋ Gerald's Department Store is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales Purchases Inventory (Beginning) Inventory (Ending) $175,000 90,000 23,000 17,000 Purchase returns and allowances 3,000 Purchase discounts 7,000 Transportation-in 4,000 Sales discounts 8,000 Sales returns and allowances 5,000 Calculate Gerald's net sales. a. $162,000 b. $167,000 c. $170,000 d. $175,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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+ ㄓˋ Gerald's Department Store is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales Purchases Inventory (Beginning) Inventory (Ending) $175,000 90,000 23,000 17,000 Purchase returns and allowances 3,000 Purchase discounts 7,000 Transportation-in 4,000 Sales discounts 8,000 Sales returns and allowances 5,000 Calculate Gerald's net sales. a. $162,000 b. $167,000 c. $170,000 d. $175,000
Transcribed Image Text:+ ㄓˋ Gerald's Department Store is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales Purchases Inventory (Beginning) Inventory (Ending) $175,000 90,000 23,000 17,000 Purchase returns and allowances 3,000 Purchase discounts 7,000 Transportation-in 4,000 Sales discounts 8,000 Sales returns and allowances 5,000 Calculate Gerald's net sales. a. $162,000 b. $167,000 c. $170,000 d. $175,000
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