Exercise 5-11 Net sales computation for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross Sales discounts $ 250,000 Sales returns and allowances 5,000 Sales salaries expense $ 21,000 11, Prepare the net sales portion only of this company's multiple-step income statement 250,000 Multiple-Step Income Statement (Partial) Sales, gross $ Add: Sales returns and allowances 21,000 Add: Sales discounts (500) Net sales $ 20,500 270,500