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4 August, 20:46

Financial information is presented below: Operating Expenses$ 90,000 Sales Returns and Allowances18,000 Sales Discounts12,000 Sales Revenue320,000 Cost of Goods Sold174,000 The amount of net sales on the income statement would be

a.$290,000.

b.$302,000.

c.$308,000.

d.$320,000.

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Answers (1)
  1. 4 August, 21:54
    0
    a. $290,000

    Explanation:

    The relevant data provided in the question for computing the net sales is here below:-

    Sales revenue = $320,000

    Sales discounts = $12,000

    Sales returns and allowances = $18,000

    The computation of net sales on the income statement is shown below:-

    The amount of net sales = Sales revenue - Sales discounts - Sales returns and allowances

    = $320,000 - $12,000 - $18,000

    = $320,000 - $30,000

    = $290,000

    Therefore for computing the amount of net sales we simply applied the above formula.
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Home » Business » Financial information is presented below: Operating Expenses$ 90,000 Sales Returns and Allowances18,000 Sales Discounts12,000 Sales Revenue320,000 Cost of Goods Sold174,000 The amount of net sales on the income statement would be a.$290,000. b.
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