Question

a company's records showed the following for the month of december: sales $9,000; sales returns and allowances $1,000; cost of goods sold $5,000. net sales equal:

Answer 1

The total of a company's net sales is its gross sales less any returns, allowances, and discounts.

What is the formula for net sales?

• The total income that your company brings in before discounts, returns, and allowances is referred to as gross sales value.

• The following is the net sales formula.

Net sales = Gross sales – Returns – Allowances – Discounts.

• Sales made with a debit card, cash, credit card, or trade credit will all be counted toward the total sales.
• The total number of units sold is multiplied by the price per unit for the purpose of calculating gross sales.

• Example to illustrate net sales

The net sales will be computed with the formula net sales = gross sales – returns – allowances – discounts. The net sales would be $9000 -  $1000 - $5000 = $3000.

Gross Sales = $9,000

Returns and Allowances = $1000

Discounts =$5000

Net Sales = $3000.

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