At the end of the year Stan Still Stationery Store had the following balances: Sales $570,000;...
At the end of the year Stan Still Stationery Store had the following balances: Sales $570,000; Sales Discounts $2,520; Sales Returns and Allowances $14,400; Sales Salaries Expense $63,000. The Net Sales for the year are:
-
$567,480
-
$490,080
-
$553,080
-
$555,600
Homework Answers
Net Sales for the year = Gross Sales - Sales Return and Allowances - Discounts
= 570,000 - 14,400 - 2,520
= $553,080
Hence, the answer is $553,080
Add Answer to:
At the end of the year Stan Still Stationery Store had the
following balances: Sales $570,000;...
#1 At the end of the year Stan Still Stationery Store had the following balances: Sales...
#1
At the end of the year Stan Still Stationery Store had the following balances: Sales $650,000, Sales Discounts $2,600; Sales Returns and Allowances $15,200; Sales Salaries Expense $71,000, The Net Seles for the year are: Multipla Choice $647400 $634.800 $561,200 $632,200
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2. Compute the company’s total cost of merchandise purchased for
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#1
At the end of the year Stan Still Stationery Store had the following balances: Sales $650,000, Sales Discounts $2,600; Sales Returns and Allowances $15,200; Sales Salaries Expense $71,000, The Net Seles for the year are: Multipla Choice $647400 $634.800 $561,200 $632,200
the end of the year Stan Still Stationery Store had the following balances: Sales $560,000. Sales Discounts $2.510, Sales Returns and owances $14,300; Sales Salaries Expense $62,000. The Net Sales for the year are: Multiple Choice 0 $545.700 $557.490 0 $543,190 0 S48190
Required:
1. Compute the company’s net sales
for the year.
2. Compute the company’s total cost of merchandise purchased for
the year.
3. Prepare a multiple-step income statement that includes separate
categories for net sales, cost of goods sold, selling expenses, and
general and administrative expenses.
4. Prepare a single-step income statement that includes these
expense categories: cost of goods sold, selling expenses, and
general and administrative
expenses.
[The following information applies to the questions displayed below.) Valley Company's adjusted...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
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