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Luxury Tapestries Had Sales of $500,000 and Returns and Allowances

Question 65

Multiple Choice

Luxury Tapestries had sales of $500,000 and returns and allowances of $50,000. Its cost of goods sold was $200,000 and it had operating expenses of $150,000. Calculate net income for the company.


A) $0
B) $350,000
C) $50,000
D) $100,000
E) $200,000

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