Chapter 12, Problem 10ICA

Bon Jovi sports Ltd. Manufactures athletic gear. One of its products is a cycling helmet that requires specialized plastic.

Sales discount, sales return, and allowance is_____. (a) Revenue accounts (b) Permanent accounts (c) Contra revenue accounts (d) Contra expenses accounts.

Can you explain this general accounting question using accurate calculation methods?

Financial Accounting Question please answer

GRS,Inc.,reported the following amounts at the end of the year:

Assume that markup is based on the cost

Better Value Hardware began 2010 with a credit balance of $37,500 in the allowance for sales returns account. Sales and cash collections from customers during the year were $1,025,000 and $675,000, respectively. Better Value estimates that 8% of all sales will be returned. During 2010, customers returned merchandise for a credit of $31,000 to their accounts. Better Value's 2010 income statement would report net sales of $__?

general accounting

Accurate Answer