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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

COMPUTING NET SALES Based on the following information, compute net sales:

Gross sales $2,880
Sales returns and allowances 322
Sales discounts 56

To determine

Ascertain the net sales from the given information.

Explanation

Net sales: The amount of price of merchandise sold during a certain period is referred to as sales revenue. Net sales is the gross sales, minus of sales returns and allowances, and sales discounts.

Formula to compute net sales:

Net sales = Gross sales–Sales returns and allowances–Sales discounts

Ascertain the net sales from the given information

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