All categories

2 years ago

Sales returns and allowances are reported on the ______.

Business

1 answer:

labwork [276]2 years ago

5 0

Sales returns and allowances are reported on the Income Statement.

<h3>What is the income statement?</h3>

The income statement is a financial statement wherein the sales revenue and cost of goods sold and operating expenses are summarized in order to obtain the net income.

When reporting the sales returns and allowances on the income statement, they are subtracted from the gross sales to arrive at the net sales.

Thus, sales returns and allowances are reported on the Income Statement.

Learn more about the income statement at brainly.com/question/24498019

You might be interested in

Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 75.00. During these years of part

ser-zykov [4K]

Answer:

Annual deposit= 13,346.55

Explanation:

Giving the following information:

Exactly one year after the day he turns 75.0 when he fully retires, he will begin to make annual withdrawals of $129,100.00 from his retirement account until he turns 94.00. After this final withdrawal, he wants $1.85 million remaining in his account.

He will make contributions to his retirement account from his 26th birthday to his 65th birthday.

Assume an 8.00% interest rate.

First, we need to calculate the amount of money needed at 65.

39 years*129,100 + 1,850,000= $6,884,900

We need to calculate the value at 65:

PV= 6,884,900/(1.08^10)= $3,189,040.85

We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (3,189,040.85*0.08)/[(1.08^39)-1]= $13,346.55

8 0

3 years ago

PLEASE HELP----- Explain how the three groups (laborers, businesses, and government) are connected in regard to unemployment. Ho

alex41 [277]

When laborers are out of work, then they can't as often to buy product from business, which in turn the business loose money have to lay their laborers off,which creates a vicious cycle.Then at times the government will come up with their programs to help the business and try to keep the economy going.

7 0

3 years ago

Read 2 more answers

The 2008 balance sheet of Maria's Tennis Shop, Inc., showed long-term debt of $2.25 million, and the 2009 balance sheet showed l

Svet_ta [14]

Answer:

net cash flow from creditors of $1.42 million

Explanation:

The movement in the long term debt account between 2008 and 2009 is as a result of the interest owed on the debt and the cash payment for the period.

Let the cash outflow to the creditor be H

$2.25 million + 0.33 million - H = $4 million

H = $2.25 million + 0.33 million - $4 million

H = ($1.42 million)

This means that the firm had a net cash flow from creditors of $1.42 million in 2019.

5 0

3 years ago

A company had sales of $699,000 and cost of goods sold of $280,000. Its gross profit equals:

alexgriva [62]

Answer:

$(419,000) is the answer

8 0

2 years ago

Whispering Winds Manufacturing has an annual capacity of 81,000 units per year. Currently, the company is making and selling 78,

svetoff [14.1K]

Answer:

Net loss from accepting the order $(56,200 )

Explanation:

Note that Whispering Winds Manufacturing currently has excess capacity

Excess capacity = 81,000 - 78,200 = 2800 units

The relevant cash flows associated with this special order are as follows:

The increase in contribution from meeting part of the offer from the excess capacity
Opportunity cost associated with meeting the part of the special order from existing sales.

Note that the special order would be met as follows

2800 from the excess capacity

2600 from existing sales

5400

Total contribution from special order:

(70-65) × 5400 27000

Contribution lost from selling 2,600

at a reduced price:

(102-70) × 2,600 (83,200)

Net loss from accepting the order (56,200 )

7 0

3 years ago