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VLD [36.1K]
3 years ago
7

Gross billings for merchandise sold by Lang Company to its customers last year amounted to $12,520,000; sales returns and allowa

nces were $270,000, sales discounts were $75,000, and freight-out was $140,000. Net sales last year for Lang Company were
a. $12,720,000.
b. $12,275,000.
c. $12,175,000.
d. None of the above.
Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
6 0

Answer:

c. $12,175,000.

Explanation:

Given: Merchandise sold by Lang company= $12520000.

           Sales return and allowances= $270000.

           Discount= $140000.

While calculating net sales, freight out charges is not included as it an selling expense and it should be included while calculating Gross profit of the company.

Here, we have to find the last year net sales for Lang company.

∴ Net sales= sales\ revenue- (sales\ returns\ and\ allowances + sales\ discount)

⇒ Net sales = 12520000-(270000 + 75000) = 12520000 - 345000

∴Net sales= \$ 12175000

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The Kuehn v. Pub Zone is a court case where Karl Kuehn sued Maria Kerkoulas -the owner of Pub Zone bar in Union, New Jersey- because Kuehn was beaten by a motorcycle gang inside the men's bathroom of Pub Zone. Kerkoulas had knowledge of the irrational behavior of motorcycle gangs in the area though, on the day when the attack took place, the Pagan's gang surpassed security in Pub Zone yet Kerkoulas decided to attend them. Later, the gang was heading towards the back of the pub. Kerkoulas thought they were leaving but they were following Kuehn to the men's bathroom where he was seriously injured.

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