Merchandise sold by Lang Company to its customers last year amounted to $13,720,000; 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 a. b. C. d. Select one: a. $13,350,000. b. $13,720,000. C. $13,175,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Merchandise sold by Lang Company to its customers last year amounted to $13,720,000; 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
a.
b.
C.
d.
Select one:
a. $13,350,000.
b. $13,720,000.
C. $13,175,000.
d. $13,035,000.
Transcribed Image Text:Merchandise sold by Lang Company to its customers last year amounted to $13,720,000; 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 a. b. C. d. Select one: a. $13,350,000. b. $13,720,000. C. $13,175,000. d. $13,035,000.
Which item below is not a current liability?
Select one:
a. Unearned revenue
b. Trade accounts payable
C. Share dividends distributable
d. The currently maturing portion of long-term debt
Transcribed Image Text:Which item below is not a current liability? Select one: a. Unearned revenue b. Trade accounts payable C. Share dividends distributable d. The currently maturing portion of long-term debt
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