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A company reports the following sales related information: Sales (gross) of $200,000 Sales discounts of $4,000; Sales returns
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Answer #1
Multiple-step Income Statement
Particulars Amount ($) Amount ($)
Sales (Gross)          2,00,000
Less: Sales returns & allowances             16,000
Less: Sales discounts              4,000             20,000
Net Sales          1,80,000
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