A company reports the following sales related information. Prepare the net sales portion only of the company's
Question:
Sales Gross ......................$200,000
Sales discounts........................4,000
Sales returns and allowances.....$16,000
Sales salaries expense .............10,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Multiplestep income statement sa...View the full answer
Answered By
Sagar Kumar
I am Mechanical Engineer with CGPA of 3.98 out of 4.00 from Pakistan. I went to Government Boys Degree College, Sehwan for high school studies.
I appeared in NUST Entrance Exam for admission in university and ranked #516. My mathematics are excellent and I have participated in many math competitions and also won many of them. Recently, I participated in International Youth Math Challenge and was awarded with Gold Honor. Now, I am also an ambassador at International Youth Math Challenge,
I have been teaching when I was in 9th class class year 2012. I have taught students from 6th class to university level.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting Information for Decisions
ISBN: 978-0078025761
6th edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Managerial Accounting questions
-
A company reports the following sales-related information. Compute and prepare the net sales portion only of this company's multiple-step income statement. ress . . S000 4,000 Sales returns and...
-
A company reports the following sales related information: Sales (gross) of $100,000; Sales discounts of $2,000; Sales returns and allowances of $8,000; Sales salaries expense of $5,000. Prepare the...
-
A company reports the following sales related information: Sales (gross) of $200,000; Sales discounts of $4,000; Sales returns and allowances of $16,000; Sales salaries expense of $10,000. Prepare...
-
Assume that n is a positive integer. For each of the following algorithm segments, how many times will the innermost loop be iterated when the algorithm segment is implemented and run? 1) for k:=1 to...
-
Grocery Corporation sold a $300,000, 6 percent bond issue on January 1, 2009, at a market rate of 3 percent. The bonds were dated January 1, 2009, with interest to be paid each December 31; they...
-
Classify the following soils by the AASHTO classification system. Give the group index for each soil. Sleve analysls- Percent flner Liquid Plasticity Soll No. 10 No. 40 No. 200 limlt Index 80 72 58...
-
What is an appropriate choice of distance metric for observations consisting of binary variables for which matching zeroes do not correspond to similarity? a. Matching distance b. Jaccard distance c....
-
Several audit objectives are listed below. For each item, identify the related assertion and a specific audit procedure that can be applied to accomplish the objective. (a) Establish whether recorded...
-
Deborah enters your office ready to discuss the project. She discusses her feedback on the plan thus far. She states that your team is doing an excellent job researching and you've been keeping her...
-
The propeller in Prob. 9.1 is replaced with a six-blade turbine 400 mm in diameter, and the fluid to be agitated is a pseudoplastic power law liquid having an apparent viscosity of 15 P when the...
-
Refer to QS 4-8 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS 4-8. Merchandise...
-
Which of the following assets-inventory, building, accounts receivable, or cash-is most liquid? Which is least liquid?
-
Use Part 1 of the Fundamental Theorem of Calculus to find the derivative of the function. F(x)=1 + sect dt
-
Evaluate. Express answers in rational form with positive exponents. 3 a) (V10 000x) for x = 16 -0.5 b) c) (-2ab)-25ab6 for a = d) (4x) (x)6 for x = 5 (18m 5n) (32mn) for m = 4mn -3 1, b = 2 10, n = 1
-
The Accounting vs. Finance infographic highlights the differences between 1, Share a way in which you personally use (or will use) accounting princip finance principles 2. Share an example of a time...
-
Prepare journal entries for the following transactions of Nutrition Consulting Inc. a. b. Nov. 5 Paid $5,000 cash for website maintenance services covering a 3-month period, beginning December 1. C....
-
Is the behavior of Philip Morris to aggressively sell cigarettes abroad socially responsible? Explain. Should the foreign governments be as concerned over tobacco smoking as the American government...
-
Describe role of Anaconda in Python What is NumPy Library? What Matrix Operations Using NumPy? Describe Python for Game AI?
-
The MSCI 2018 Survey of Women on Boards showed that there continues to be a slow increase in the overall percentage of women on boards globally. The study reported that 72 of 72 (100%) French...
-
Find the image of x = k = const under w = 1/z. Use formulas similar to those in Example 1. y| y = 0 -21 -2 -1 -1, /1 12 T -1 -1 y= -2 x =0
-
Refer to the information in Exercise 11-8. Create an Excel spreadsheet to compute the internal rate of return for each of the projects. Round the percentage return to two decimals.
-
This chapter explained two methods to evaluate investments using recovery time, the payback period and break-even time (BET). Refer to QS 11-6 and (1) Compute the recovery time for both the payback...
-
Interstate Manufacturing is considering either replacing one of its old machines with a new machine or having the old machine overhauled. Information about the two alternatives follows. Management...
-
Individual Retirement Account (IRA) Bonds Mutual fund Stocks Futures Defined contribution plans What is it? Level of Risk and Potential Return Minimum investment? Easy to start or stop?
-
1. A company purchased machinery in 2015 for $400,000. Its value in 2018 was $320,000. Assuming the resale value decreases exponentially, what will the value be in 2020? As a part of your solution,...
-
ROA of a company is 8.57%, Total assets end of the year of 2021 are $9.6 million, ROE is 14% and Profit margin of 19.9% what is the firms value of net income? and what is stockholders equity?
Study smarter with the SolutionInn App