How much is the Net sales? * Scotty Thompson has the following data that relates to...

Transcribed Image Text:

How much is the Net sales? * Scotty Thompson has the following data that relates to all sources of his income: Annual Salary Income as Guest speaker 13th month pay Hazard Pay Prizes - Singing contest Royalty income - Books Winnings - Casino Royalty income - Franchise Yield deposit (Withdrawn at Year 3) Local Savings Interest income 10,000 Foreign currency savings Interest income 20,000 Dividend Income 30,000 Sales Purchases Purchases Discounts Purchase returns Transportation in Freight out Sales discount Inventory End Inventory Beginning Sales return 2,050,000 2,100,000 1,850,000 600,000 10,000 50,000 30,000 8,000 20,000 8,000 20,000 10,000 2,150,000 2,200,000 1,300,000 10,000 40,000 5,000 4,000 50,000 50,000 20,000 100,000 How much is the Net sales? * Scotty Thompson has the following data that relates to all sources of his income: Annual Salary Income as Guest speaker 13th month pay Hazard Pay Prizes - Singing contest Royalty income - Books Winnings - Casino Royalty income - Franchise Yield deposit (Withdrawn at Year 3) Local Savings Interest income 10,000 Foreign currency savings Interest income 20,000 Dividend Income 30,000 Sales Purchases Purchases Discounts Purchase returns Transportation in Freight out Sales discount Inventory End Inventory Beginning Sales return 2,050,000 2,100,000 1,850,000 600,000 10,000 50,000 30,000 8,000 20,000 8,000 20,000 10,000 2,150,000 2,200,000 1,300,000 10,000 40,000 5,000 4,000 50,000 50,000 20,000 100,000

Answer rating: 100% (QA)

To find the net sales you need to calculate the total sales and then adjust it for ... View the full answer