Ask Question
9 February, 00:28

Mueller Company sold merchandise costing $120,000 for $240,000. Mueller estimates that merchandise costing $5,000 will be returned for a refund of $10,000. Mueller should report net sales of:

+5
Answers (1)
  1. 9 February, 00:35
    0
    The answer is $230,000

    Explanation:

    Net sales is the sum of a company's gross (total) sales minus any returned goods, sales allowances and/or discounts. The total amount of revenue on a company's income statement is the net sales.

    Gross sales - $240,000

    Merchandise returned - $10,000

    Net sales = Gross sales - goods returned

    $240,000 - $10,000

    = $230,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Mueller Company sold merchandise costing $120,000 for $240,000. Mueller estimates that merchandise costing $5,000 will be returned for a ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers