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victus00 [196]
2 years ago
12

The adjusted trial balance of Sunland Company shows these data pertaining to sales at the end of its fiscal year, October 31, 20

22: Sales Revenue $903,400; Freight-Out $13,700; Sales Returns and Allowances $22,000; and Sales Discounts $15,400. Prepare the sales section of the income statement.
Business
1 answer:
sveta [45]2 years ago
7 0

Answer and Explanation:

The preparation of the sales section of the income statement is presented below:

<u>Income Statement </u>

<u>For the year ended </u>

Sales  

Sales revenue  $903,400

Less:  

Sales Discount  $15,400  

Sales return & allowances  $22,000  

Net Sales         $866,000

hence the net sales is $866,000

The freight out would not be considered. Hence, ignored it

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<em>Trend analysis entails determining the performance of a business over time by comparing its performance data from one period to another. The aim of trend analysis is to identify the behavior of a set of ratios over a period of time by comparing them across different years.</em>

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