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Exercise 4-11 Net sales computation for multiple-step income statement LO P4 A company reports the following...

Exercise 4-11 Net sales computation for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 250,000 Sales returns and allowances $ 21,000 Sales discounts 5,000 Sales salaries expense 11,000 Prepare the net sales portion only of this company’s multiple-step income statement.

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Answer #1
Sales, gross 250,000
Sales returns and allowances 21,000
Sales discount 5,000
26,000
Net sales 224,000
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