Ayayai Company provides the following information for the month ended October 31, 2020:- Sales on credit: $280,100- Cash sales: $100,100- Sales discounts: $5,100- Sales returns and allowances: $10,100**Task: Prepare the sales section of the income statement based on this information.** *Instructions: Enter negative amounts using either a negative sign preceding the number (e.g., -45) or parentheses (e.g., (45)).***Ayayai Company - Income Statement (Partial)**1. Total Sales: _________________ $[blank]2. Less: Sales Discounts: _______________ $[blank]3. Less: Sales Returns and Allowances: _______________ $[blank]4. Net Sales: _________________ $[blank]

The income statement is the financial statement of the business which records the revenues and…

Ayayai Company provides the following information for the month ended October 31, 2020: sales on credit $ 280,100, cash sales $ 100,100, sales discounts $ 5,100, and sales returns and allowances $ 10,100. Prepare the sales section of the income statement based on this information. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).)

Ayayai Company provides the following information for the month ended October 31, 2020: sales on credit $ 280,100, cash sales $ 100,100, sales discounts $ 5,100, and sales returns and allowances $ 10,100. Prepare the sales section of the income statement based on this information. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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