The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is the net income? P60,000 P65,000 P55,000 P180,000

The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is the net income? P60,000 P65,000 P55,000 P180,000

Name: The following accounts of Rex Company are as follows:Sales P480,000;
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Description: The following accounts of Rex Company are as follows:Sales P480,000; Cost of goods sold P300,000;Sales discounts P20,000; Sales returns and allowancesP15,000; Purchase discounts P5,000; Purchasereturns and allowances P7,000; Selling ExpensesP40,000;

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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