Using the accounts and amounts below, calculate Net Sales:AccountAmountSales Revenue$142,055Purchase Discounts1,886Sales DiscountsSales Returns and Allowances2,8812,515Cost of Goods Sold40,889

Net Sales is the Gross sales revenue as reduced by sales discount , returns and allowances

Answered: Using the accounts and amounts below,…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 1DQ: What is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts?...

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Similar questions

The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
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Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
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Using the accounts and amounts below, calculate Net Sales: Account Amount Sales Revenue $142,055 Purchase Discounts 1,886 Sales Discounts 2,881 Sales Returns and Allowances Cost of Goods Sold 2,515 40,889