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The Following Accounts and Their Current Balances Appear in the Ledger

Question 258

Multiple Choice

The following accounts and their current balances appear in the ledger of Cerelat Co. at the end of its fiscal year, June 30. Cerelat uses a periodic inventory system.
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The following accounts and their current balances appear in the ledger of Cerelat Co. at the end of its fiscal year, June 30. Cerelat uses a periodic inventory system. ​ ​ ​ -A physical inventory at the end of June was $882,000. Estimated Returns Inventory is expected to increase to $16,500. What is Cerelat Co.'s income from operations for the year? A) $136,000 B) $121,500 C) $105,000 D) $180,000 ​
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-A physical inventory at the end of June was $882,000. Estimated Returns Inventory is expected to increase to $16,500. What is Cerelat Co.'s income from operations for the year?


A) $136,000
B) $121,500
C) $105,000
D) $180,000

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