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kiruha [24]
3 years ago
7

Blossom Company provides the following information for the month ended October 31, 2019; sales on credit $296,100, cash sales $1

02,300, sales discounts $5,300, and sales returns and allowances $13,100.
Prepare the sales revenues section of the income statement based on this information.
Business
1 answer:
VikaD [51]3 years ago
6 0

Answer:

                                        <u>Blossom Company</u>

                             Amount in $         Amount in $

Sales                                                    398,400  

less;

Sales discount      5,300          

Sales returns        13,100

                                                             <u> (18,400)  </u>            

Net sales                                              <u> 380,000 </u>

Explanation:

The sales section shows the net sales which is given as the total sales less all sales discounts and sales returns. Total sales is the sum of cash and credit sales.

Total sales = $102,300 + $296,100

= $398,400

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Alborosie

Answer:

Equity of the business= $17,076.

Explanation:

Equity as used in business is used to refer to the difference between the worth of a business (its assets) and what the business owes (debts and liabilities).

In other words, total equity refers to the value which is left in the company after the total liabilities must have been subtracted from the total assets.

The formula to calculate total equity is given below:

Equity = Assets - Liabilities

Therefore to calculate the equity above, we have:

Equity = $64,342 - $47,266

Equity = $17,076.

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Explanation:

3 0
3 years ago
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Answer:

Answer for question :

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Explanation:

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