Asked by Hannah Kristen on Jul 21, 2024
Verified
Determine the amount of net sales given:
gross sales = $250,000
sales discounts = $40,000
sales returns and allowances = $35,000
$ ________
Net Sales
The total revenue from sales of goods or services, after deducting returns, allowances for damaged or missing goods, and any discounts given.
Gross Sales
Gross Sales are the total sales income of a business before any deductions are made for returns, allowances, or discounts.
Sales Discounts
A decrease in the cost of products or services provided to consumers, usually to encourage prompt payment or large-scale buying.
- Determine the impact of sales returns and discounts on net sales and net income.
Verified Answer
MO
Learning Objectives
- Determine the impact of sales returns and discounts on net sales and net income.