Multiple Choice
Rusty Hardware makes only cash sales. It began 2018 with a credit balance of $32,000 in the refund liability account. Sales during 2018 were $600,000. Rusty estimates that 6% of all sales will be returned. During 2018, customers returned merchandise for credit of $28,000 to their accounts.
-Rusty's 2018 income statement would report net sales of:
A) $600,000.
B) $564,000.
C) $568,000.
D) $604,000.
Correct Answer:
Verified
Correct Answer:
Verified
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