Explain the difference between sales revenue and net sales.

Question

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Answer 1

Question

Chapter 6, Problem 1Q

To determine

Explain the difference between sales revenue and net sales.

Expert Solution & Answer

Explanation of Solution

Sales revenue is an activity of selling the merchandise inventory of a business.

Sales discount is the amount given as concession to the buyer by the seller for prompt payments. In the case of sales discount, the goods are in the possession of the seller. It is the amount allowed as concession by the seller to the buyer for accepting the defective or damaged goods is known as sales allowance. In the case of sales allowance, the goods are in the possession of the buyer.

Thus, net sales are determined as reduction of sales discount or sales allowance from sales revenue of the company.

Conclusion

Thus, differences between sales revenue and net sales have been explained.

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Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x + bw.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 < 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER un Check My Work 3 more Check My Work uses remaining Q Search hp

PLEASE HELP! NOTICE. THERE ARE FIVE CELLS ON THE LEFT SIDE TO FILL. THE DROPDOWN SHOWS THE OPTIONS FOR THESE CELLS.

Calm Ltd has the following data relating tò two investment projects, only one of which mayb e s e l e c t e d :The cost of capital is 10 per cent, and depreciation is calculated using straight line method.a . Calculate for each of the project:i. Average annual accounting rate of return on average capital investedi i . Net Present Valuei l l . I n t e r n a l R a t e o f Returnb. Discuss the relative merits of the methods of evaluation mentioned above in (a).Q.4a . In the context of process costing, discuss the following concepts briefly, i . Equivalent unitsNormal lossill. Abnormal lossi v. Joint productsV . By productsb . Discuss the different types of standard costing and objectives of standard costing.

Answer 2

Question

Chapter 6, Problem 1Q

To determine

Explain the difference between sales revenue and net sales.

Expert Solution & Answer

Explanation of Solution

Sales revenue is an activity of selling the merchandise inventory of a business.

Sales discount is the amount given as concession to the buyer by the seller for prompt payments. In the case of sales discount, the goods are in the possession of the seller. It is the amount allowed as concession by the seller to the buyer for accepting the defective or damaged goods is known as sales allowance. In the case of sales allowance, the goods are in the possession of the buyer.

Thus, net sales are determined as reduction of sales discount or sales allowance from sales revenue of the company.

Conclusion

Thus, differences between sales revenue and net sales have been explained.

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Answer 3

Question

Chapter 6, Problem 1Q

To determine

Explain the difference between sales revenue and net sales.

Expert Solution & Answer

Explanation of Solution

Sales revenue is an activity of selling the merchandise inventory of a business.

Sales discount is the amount given as concession to the buyer by the seller for prompt payments. In the case of sales discount, the goods are in the possession of the seller. It is the amount allowed as concession by the seller to the buyer for accepting the defective or damaged goods is known as sales allowance. In the case of sales allowance, the goods are in the possession of the buyer.

Thus, net sales are determined as reduction of sales discount or sales allowance from sales revenue of the company.

Conclusion

Thus, differences between sales revenue and net sales have been explained.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 6, Problem 1Q

To determine

Explain the difference between sales revenue and net sales.

Expert Solution & Answer

Explanation of Solution

Sales revenue is an activity of selling the merchandise inventory of a business.

Sales discount is the amount given as concession to the buyer by the seller for prompt payments. In the case of sales discount, the goods are in the possession of the seller. It is the amount allowed as concession by the seller to the buyer for accepting the defective or damaged goods is known as sales allowance. In the case of sales allowance, the goods are in the possession of the buyer.

Thus, net sales are determined as reduction of sales discount or sales allowance from sales revenue of the company.

Conclusion

Thus, differences between sales revenue and net sales have been explained.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 6, Problem 1Q

To determine

Explain the difference between sales revenue and net sales.

Expert Solution & Answer

Explanation of Solution

Sales revenue is an activity of selling the merchandise inventory of a business.

Sales discount is the amount given as concession to the buyer by the seller for prompt payments. In the case of sales discount, the goods are in the possession of the seller. It is the amount allowed as concession by the seller to the buyer for accepting the defective or damaged goods is known as sales allowance. In the case of sales allowance, the goods are in the possession of the buyer.

Thus, net sales are determined as reduction of sales discount or sales allowance from sales revenue of the company.

Conclusion

Thus, differences between sales revenue and net sales have been explained.

Answer 6

Chapter 6, Problem 1Q

To determine

Explain the difference between sales revenue and net sales.

Expert Solution & Answer

Explanation of Solution

Sales revenue is an activity of selling the merchandise inventory of a business.

Sales discount is the amount given as concession to the buyer by the seller for prompt payments. In the case of sales discount, the goods are in the possession of the seller. It is the amount allowed as concession by the seller to the buyer for accepting the defective or damaged goods is known as sales allowance. In the case of sales allowance, the goods are in the possession of the buyer.

Thus, net sales are determined as reduction of sales discount or sales allowance from sales revenue of the company.

Conclusion

Thus, differences between sales revenue and net sales have been explained.

Answer 7

Chapter 6, Problem 1Q

To determine

Explain the difference between sales revenue and net sales.

Answer 8

Expert Solution & Answer

Explanation of Solution

Sales revenue is an activity of selling the merchandise inventory of a business.

Sales discount is the amount given as concession to the buyer by the seller for prompt payments. In the case of sales discount, the goods are in the possession of the seller. It is the amount allowed as concession by the seller to the buyer for accepting the defective or damaged goods is known as sales allowance. In the case of sales allowance, the goods are in the possession of the buyer.

Thus, net sales are determined as reduction of sales discount or sales allowance from sales revenue of the company.