I need help. A company reports the following sales-related information:- **Sales, gross**: $235,000- **Sales discounts**: $4,700- **Sales returns and allowances**: $18,000- **Sales salaries expense**: $10,700Prepare the net sales portion only of this company’s multiple-step income statement.---**Net Sales Calculation:**1. **Gross Sales**: $235,0002. **Less: Sales Discounts**: $4,7003. **Less: Sales Returns and Allowances**: $18,000**Net Sales**: The remaining calculation will provide the net sales value.**Note**: Sales salaries expense is not included in the net sales calculation. The provided diagram outlines structuring in a multiple-step income statement but does not yet contain final numerical computations.

Lets understand the basics. Income statement can be prepared using one of the two methods. (1)…

A company reports the following sales-related information. Sales, gross Sales discounts $ 235,000 Sales returns and allowances 4,700 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) 0 $ 18,000 10,700

A company reports the following sales-related information. Sales, gross Sales discounts $ 235,000 Sales returns and allowances 4,700 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) 0 $ 18,000 10,700

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

See similar textbooks

Related questions

Q: Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG…

A: Definition: Balance sheet: To Know the financial position of the business balance sheet is prepared.…

Q: Not sure what i'm doing wrong.

A: Direct labor cost budget shows the total direct labor cost and number of direct labor hours needed…

Q: How can organizations meet the special needs of different groups (e.g., work and family issues)…

A: Favoritism refers to offering special treatment to a few employees that are close to higher…

Q: understand

A: Sales Discount refers to reduced price offered by a company for sale of product in the market.…

Q: I need step by step on how you came up with the answers.

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…

Q: What is BATNA?

Q: Explain the benefits of postretirement.

A: Post-retirement benefits may include life insurance and medical plans, or premiums for such…

Q: y question is that I put the answer and for some reason is wrong

A: Annuity is a series of equal payments at equal interval for a specified period. With periodic rate…

Q: Working out is not right, can you try again

A: Given,Face value (nominal value) = £100Issue price = £115Coupon rate = 6.6% p.a.Redemption value =…

Q: Discuss how this pandemic is affecting small businesses borrowing

A: To survive in the business, every business need funds. When the requirement for the funds is for the…

Q: 6. Explain how moral hazard could lead people to under-save if social security were replaced by…

A: The model hazard is considered to be the risk that individual make decision best upon the…

Q: I cant follow this.

A: Part a 1:

Q: I'm confused as to how to start

A: Compute the budgets as follows: Result:

Q: A. If 10,000 units are produced, what is the variable cost per unit? Variable cost per unit $ B. If…

A: If 15,000 units are produced: Variable cost per unit = Direct materials + Direct labor + Indirect…

Q: I can't see the answers to questions there block off

A: Rate caps :3/2/6 means 3% on first adjustment 2% on each subsequent adjustment 6% life time cap

Q: I NEED HELP !

A: Revenue is the amount that a company earns from normal activities conducted by the business for…

Q: nt stud

A: Introduction : In simple words, student loans refers to the amount borrowed by individuals to…

Q: Define Ethics.

A: Ethics are a set of moral principles they affect how people in a society make decisions and how…

Q: This doesn't determine the EUAC. I need to find that

A: EUAC stands for Equivalent uniform annual cost which converts the upfront costs into the equivalent…

Question

I need help.

A company reports the following sales-related information:

- **Sales, gross**: $235,000
- **Sales discounts**: $4,700
- **Sales returns and allowances**: $18,000
- **Sales salaries expense**: $10,700

Prepare the net sales portion only of this company’s multiple-step income statement.

---

**Net Sales Calculation:**

1. **Gross Sales**: $235,000
2. **Less: Sales Discounts**: $4,700
3. **Less: Sales Returns and Allowances**: $18,000

**Net Sales**: The remaining calculation will provide the net sales value.

**Note**: Sales salaries expense is not included in the net sales calculation. The provided diagram outlines structuring in a multiple-step income statement but does not yet contain final numerical computations.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
A company reports the following sales-related information. Sales, gross Sales discounts $ 260,000 Sales returns and allowances 5,200 Sales salaries expense $ 15,000 11,200 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
A company reports the following sales-related information. Sales, gross $ 290,000 Sales returns and allowances 5,800 Sales salaries expense $21,000 Sales discounts 11,800 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
A company reports the following sales-related information. Compute and prepare the net sales portion only of this company’s multiple-step income statement. Sales, gross . $200,000 Sales returns and allowances $16,000 Sales discounts . 4,000 Sales salaries expense . 10,000
A company reports the following sales-related information. Sales, gross Sales discounts $ 270,000 Sales returns and allowances 5,400 Sales salaries expense Net sales Prepare the net sales portion only of this company's multiple-step income statement. $ 17,000 11,400 Multiple-Step Income Statement (Partial)
A company reports the following sales-related information. $ 220,000 Sales returns and allowances 4,400 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Sales, gross Sales discounts Net sales Multiple-Step Income Statement (Partial) $ 15,000 10,400
Please give all required answer with calculation
a company reports the following sales related information sales,gross $200,000 sales returns and allowances $16000 sales discounts $4000 sales salaries expense $10000 question: Prepare the net sales portion only of this company's multiple step income statement
Please provide answer of all required
Assume Carla Vista Company has the following reported amounts: Sales revenue $1,489,000, Sales returns and allowances $44,000. Cost of goods sold $955,145, and Operating expenses $321,200. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit $ (c) Compute income from operations. Income from operations $ (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %
Subject = GENERAL ACCOUNT Question
Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns and allowances $ 30,000, Cost of goods sold $ 396,500, and Operating expenses $ 84,000. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %24