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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

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Under the Customer Information Program (CIP) rules, a person's status as a customer equates with account holders. Which activity

Len [333]

Answer:

Explanation:

This is because it is only an account under a bank that can purchase a general purpose reloadable prepaid cards with an activated overdraft feature.

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3 years ago

Contribution Income Statement and Cost-Volume-Profit Graph Kopi Company produces dog cages that are sold for $38 per unit. The c

Marrrta [24]

Answer:

Results are below.

Explanation:

First, we need to calculate the total unitary variable cost:

Direct materials= 10

Manufacturing overhead= 5

Direct labor= 2

Selling and administrative= 5

Total unitary variable cost= $22

Now, the contribution margin income statement:

Sales= 5,000*38= 190,000

Total variable cost= 22*5,000= (110,000)

Total contribution margin= 80,000

Fixed Manufacturing overhead= (35,000)

Fixed Selling and administrative= (15,000)

Net operating income= 30,000

7 0

3 years ago

The following per unit cost information is available: direct materials $36, direct labor $24, variable manufacturing overhead $1

oksian1 [2.3K]

Answer:

Mark−up percentage = 18.75%

Explanation:

Total manufacturing cost= Direct material + Direct labor + Variable overhead + Fixed overhead

= $36 + $24 + $18 + $40

= $118

Hence, the total manufacturing cost is $118.

Total selling cost = Fixed selling cost + Variable selling cost

Total selling cost = $28 + $14

Total selling cost = $42

Hence, the total selling cost is $42

Total cost = Total Manufacturing cost + Total selling cost

Total cost = $118 + $42

Total cost = $160

Mark−up percentage = ROI / Total cost * 100

Mark−up percentage = $30 / $160 * 100

Mark−up percentage = 0.1875 * 100

Mark−up percentage = 18.75%

7 0

3 years ago

Rehmer Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.06 direct labor

Phoenix [80]

Answer:

Results are below.

Explanation:

Giving the following information:

Each unit of output requires 0.06 direct labor-hours.

The direct labor rate is $8.00 per direct labor-hour.

The production budget calls for producing 5,300 units in June and 5,800 units in July.

Direct labor budget June:

Direct labor hours= 5,300*0.06= 318

Direct labor cost= 318*8= $2,544

Direct labor budget July:

Direct labor hours= 5,800*0.06= 348

Direct labor cost= 348*8= $2,784

3 0

3 years ago

. Alternative A has a first cost of $20,000, an operating cost of $9,000 per year, and a $5,000 salvage value after 5 years. Alt

JulsSmile [24]

Answer and Explanation:

The computation is shown below:

NPW of X is

= -$20,000 - $9,000 × (P/A,12%,5) + $5,000 × (P/F,12%,5)

= -$20,000 - $9,000 × 3.604776 + $5,000 × 0.567427

= -$49,605.85

And,

NPW of Y is

= -$35,000 - $4,000 × (P/A,12%,5) + $7,000 × (P/F,12%,5)

= -$35,000 - $4,000 × 3.604776 + $7,000 × 0.567427

= -$45,447.11

Based on the above calculations as we can see that net present cost of Y is lower than the net present cost of X so Y should be selected

7 0

3 years ago