SX Company sold merchandise on account for $14,400. The merchandise had cost the company $8,300. What...
SX Company sold merchandise on account for $14,400. The merchandise had cost the company $8,300. What is the effect of the sale on the income statement?
Multiple Choice
-
Revenue increases by $6,100
-
Expenses increase by $8,300
-
Net Income increases by $14,400
-
All of the above
Homework Answers
Correct answer is option (Expenses increase by $8,300)
Explanation;
Followings will be the correct effects of the sale on the income statement;
- Revenue increases by $14,400
- Expenses increase by $8,300
- Net Income increases by $6,100
Hence correct answer is only option Expenses increase by $8,300.
Other given options are not correct.
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