Question

Financial information is presented below: Operating expenses $ 63000 Sales returns and allowances 14000 Sales discounts 6000 Sales revenue 196000 Cost of goods sold 98000 The amount of net sales on the income statement would be

Answer 1

Answer: 176,000

Explanation:

The amount of net sales on the income statement will be calculated thus:

Sales Revenue = 196000

Less: Sales Discount = 6000

Less: Sales returns and allowances = 14000

Therefore, net sales will be:

= 196000 - 6000 - 14000

= 176000