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...

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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.

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