Homework Answers
Option B is incorrect. (Net Sales Revenue - Cost of Goods Sold) results in Gross Profit.
Option C is also incorrect. Selling Expenses is part of Expenses. If we subtract expenses, it results in net income.
Option D is also incorrect. If sales discounts, sales returns, and allowances are added to net sales it results in gross sales revenue.
Option A is correct. Net sales revenue is total sales revenue minus the sales returns, sales allowances, and sales discounts.
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11) Net sales revenue is calculated by A) subtracting sales discounts and estimated sales returns and...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
4-Financial information is presented below: Operating expenses $ 41000 Sales returns and allowances 5000 Sales discounts...
4-Financial information is presented below: Operating expenses $ 41000 Sales returns and allowances 5000 Sales discounts 9000 Sales revenue 162000 Cost of goods sold 93000 5-The amount of net sales on the income statement would be $157000. $153000. $148000. $162000. Financial information is presented below: Operating expenses $ 50000 Sales returns and allowances 4000 Sales discounts 7000 Sales revenue 160000 Cost of goods sold 94000 Gross Profit would be $55000. $70000. $66000. $62000.
Sales Discounts as well as Sales Returns and Allowances are deducted from Sales to determine Select...
Sales Discounts as well as Sales Returns and Allowances are deducted from Sales to determine Select one: a. Net sales b. Gross profit c. Net purchases d. Cost of goods sold
Presented below are certain account balances of Tamarisk Products Co. Rent revenue $7,120 Sales discounts $7,850...
Presented below are certain account balances of Tamarisk Products Co. Rent revenue $7,120 Sales discounts $7,850 Interest expense 13,040 Selling expenses 99,530 Beginning retained earnings 114,740 Sales revenue 405,200 Ending retained earnings 134,890 Income tax expense 24,744 Dividend revenue 71,910 Cost of goods sold 192,416 Sales returns and allowances 12,430 Administrative expenses 74,560 Allocation to noncontrolling interest 19,400 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Tamarisk has...
Marigold Company Swifty Company 81,200 Sales revenue (d) (a) 5,450 Sales returns and allowances Net sales...
Marigold Company Swifty Company 81,200 Sales revenue (d) (a) 5,450 Sales returns and allowances Net sales Cost of goods sold 80,740 85,710 57,090 (e) (b) Gross profit Operating expenses Net income 36.450 23,960 15,680 (c) 12,490 e Textbook and Media
$ Sales discounts Office salaries expense Rent expense-Office space Advertising expense Sales returns and allowances Office...
$ Sales discounts Office salaries expense Rent expense-Office space Advertising expense Sales returns and allowances Office supplies expense Cost of goods sold Sales Insurance expense Sales staff salaries 860 3,100 2,600 720 360 720 11,200 42,000 2,100 3,600 Required: Prepare a multiple-step income statement for the year ended December 31. $ 42,000 Save-the-Earth Co. Income Statement For Year Ended December 31 Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold Gross profit Expenses Selling...
From the following details, calculate net sales revenue. Sales Revenue Sales Discounts Forfeited Cost of Goods...
From the following details, calculate net sales revenue. Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Operating Expenses Interest Revenue $400,000 4,000 270,000 80,000 7,000 A. $411,000 B. $404,000 O C. $400,000 OD. $396,000 Click to select your answer.
Financial information is presented below: Operating expenses $ 24000 Sales returns and allowances 7000 Sales discounts...
Financial information is presented below: Operating expenses $ 24000 Sales returns and allowances 7000 Sales discounts 5000 Sales revenue 180000 Cost of goods sold 88000 Gross profit would be?
Financial information is presented below: Operating expenses $ 34000 Sales returns and allowances 8000 Sales discounts...
Financial information is presented below: Operating expenses $ 34000 Sales returns and allowances 8000 Sales discounts 3000 Sales revenue 142000 Cost of goods sold 85000 The profit margin ratio would be
Financial information is presented below: Operating expenses $ 34000 Sales returns and allowances 8000 Sales discounts...
Financial information is presented below: Operating expenses $ 34000 Sales returns and allowances 8000 Sales discounts 3000 Sales revenue 142000 Cost of goods sold 85000 The profit margin ratio would be
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
Marigold Company Swifty Company 81,200 Sales revenue (d) (a) 5,450 Sales returns and allowances Net sales Cost of goods sold 80,740 85,710 57,090 (e) (b) Gross profit Operating expenses Net income 36.450 23,960 15,680 (c) 12,490 e Textbook and Media
$ Sales discounts Office salaries expense Rent expense-Office space Advertising expense Sales returns and allowances Office supplies expense Cost of goods sold Sales Insurance expense Sales staff salaries 860 3,100 2,600 720 360 720 11,200 42,000 2,100 3,600 Required: Prepare a multiple-step income statement for the year ended December 31. $ 42,000 Save-the-Earth Co. Income Statement For Year Ended December 31 Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold Gross profit Expenses Selling...
From the following details, calculate net sales revenue. Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Operating Expenses Interest Revenue $400,000 4,000 270,000 80,000 7,000 A. $411,000 B. $404,000 O C. $400,000 OD. $396,000 Click to select your answer.
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