I took this question already, so if it was
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Often, when both parties to a contract are mistaken as to the same material fact, either party can rescind the contract.
It would be "True"
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Answer and Explanation:
The preparation of the sales section of the income statement is presented below:
<u>Income Statement
</u>
<u>For the year ended </u>
Sales
Sales revenue $903,400
Less:
Sales Discount $15,400
Sales return & allowances $22,000
Net Sales $866,000
hence the net sales is $866,000
The freight out would not be considered. Hence, ignored it
Cash flow=net income+non-cash expenses-increase in working capital.