Do fast and step by step calculation with explanation for general accounting question A company has cash sales of $75,000, credit sales of$320,000, sales returns and allowances of $13,700, andsales discounts of $6,000. Its net sales equal:a. $395,000b. $375,300c. $300,300d. $339,700e. $414,700

Step 1: Define Net SalesNet sales are reported in the income statement of a corporation and are used…

Answered: A company has cash sales of $75,000,…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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What is the dollar amount of net sales? for this accounting question
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The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is gross margin? P145,000 P105,000 P140,000 P90,000
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A company has cash sales of $75,000, credit sales of $320,000, sales returns and allowances of $13,700, and sales discounts of $6,000. Its net sales equal: a. $395,000 b. $375,300 c. $300,300 d. $339,700 e. $414,700