Give me answer accounting Kelly's Jewelry reported the followingamounts at the end of the year:Total jewelry sales = $650,000;Sales discounts = $15,000;Sales returns = $40,000;Sales allowances = $20,000.

Step 1: Define Net salesThe income statement is the financial report prepared to determine the…

Answered: Kelly's Jewelry reported 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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Kelly’s Jewelry has the following transactions during the year: total jewelry sales = $750,000; sales discounts = $20,000; sales returns = $50,000; sales allowances = $30,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $2,000; sales returns = $6,000; sales allowances = $4,000. Compute net sales.
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 year the 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 net sales. Total sales Less: Sales discounts Less: Sales returns Less: Sales allowances Add: Sales allowances Net sales ♥ 1111 740,000 17,550 43,120 25,130 S 642.500
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Kelly's Jewelry reported the following amounts at the end of the year: Total jewelry sales = $650,000; Sales discounts = $15,000; Sales returns = $40,000; Sales allowances = $20,000.