Kelly's Jewelry has the following transactions during the year: total jewelry sales = $740,000; sales discounts = $19,500; sales returns = $49,000; sales allowances = $29,000. In addition, at the end of the yearthe company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $1,950; sales returns = $5,880; sales allowances = $3,870. Compute netsales.Total salesLess: Sales discountsLess: Sales returnsLess: Sales allowancesAdd: Sales allowancesNet sales♥1111740,00017,55043,12025,130S 642.500

Net sales are the sum of a company's gross sales minus its returns, allowances, and discounts.

Answered: Kelly's Jewelry has the following…

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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