a company reports the following sales - related information. sales, gross $285,000 sales returns and…

a company reports the following sales - related information. sales, gross $285,000 sales returns and allowances $20,000 sales discounts $5,700 sales salaries expense $11,700 prepare the net sales portion only of this companys multiple - step income statement. multiple - step income statement (partial) net sales

a company reports the following sales - related information. sales, gross $285,000 sales returns and allowances $20,000 sales discounts $5,700 sales salaries expense $11,700 prepare the net sales portion only of this companys multiple - step income statement. multiple - step income statement (partial) net sales

Answer

Explanation:

Step1: Recall net - sales formula

Net sales = Gross sales - Sales returns and allowances - Sales discounts

Step2: Substitute given values

Gross sales = $285,000$, Sales returns and allowances = $20,000$, Sales discounts = $11,700$ Net sales=$285000 - 20000 - 11700$

Step3: Perform subtraction

Net sales = $253,300$

Answer:

$253,300$