Are net sales = Sales less? a. Sales returns b. Sales discounts c. Sales returns & allowances d. Sales returns & allowances and sales discounts

Q: Which account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory…

A: Formula: Cost of goods sold = Beginning Merchandise inventory + Net Purchases - Ending Merchandise…

Q: When a customer returns goods, the merchandiser will:

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: payment payroil percentage the amount of sales contributed by a sales person? O a. Sales O b.…

A: Note: As per our guidelines, we can only answer 1 question at once. Since, you haven't mentioned…

Q: In accountinf for sales discounts, most companies use the a. Allowance method b. Gross price…

A: The most commonly used method is the gross price method.in these sales, the discount is deducted…

Q: 31. Gross Sales - Sales Discount - Sales Returns and Allowances is equal to?

A: Gross Sales : Grand total of sales transaction during a particular time period.  Net Sales : Net…

Q: Sales Returns and Sales Allowances. What are Sales Discounts? What are their respective normal…

A:

Q: What is the treatment of the following items in connection with the retail inventory method? a.…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The base used in estimating the Allowance for uncollectible is a. Percentage of Gross Profit b.…

A: The allowance for uncollectible accounts is prepared to estimate and record bad debt expense for the…

Q: A sales discount is added in calculating net sales

A: The net sales are reported in the income statement of the company. The expenses would be deducted…

Q: Explain the accounting for sales with right of return.

A: Definition: Accounting for sales with a right of return: Accounting for sales with the right of…

Q: What entry format is appropiate if sales returns and allowances occur on factored accounts? a.…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: From page 5-2 of the VLN, which of the following accounts are subtracted from sales to compute Net…

A: The Final Answer is Option B - 2, 3 & 4 That is "Deferred Revenue, Sales Discounts and Sales…

Q: What type of accounts are Sales Returns and Allowances and Sales Discounts?

A: Sales return and allowance accounts refers to the good returned to the business that were sold. This…

Q: the way to adjust purchases in order to arrive at the cost of sales figure is to ?

A: Cost of Sales = Opening Inventory + Purchases - Closing Inventory

Q: What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b) Customer…

A:

Q: Which of the following accounts is not closed to Income Summary? * O Cost of Goods Sold O…

A: The closing entries are prepared at year end to close the temporary accounts of the business.

Q: What is the treatment of the following items in connection with the retail inventory method? g.…

A: Retail inventory method : The retail inventory method is the accounting method for estimation of the…

Q: Sales less sales discounts, less sales returns and allowances equals: Multiple Choice Net purchases.…

A: The net sales are calculated as the amount to be received from customers.

Q: Which of the following is not a component of Net Sales?a. Sales Returns and Allowancesb. Sales…

A: Sales revenue: It refers to the money earned by the business from selling its services and products…

Q: 6) Which of the following are the normal baiances of Sales, Sales discounts, and Sales returms and…

A: Introduction: Accounting: Accounting is an art of recording , classifying and summarising and…

Q: When the net price method is used to record credit sales, the sales discount not taken account is…

A: Under the net price method, all the credit sales are recorded at a net amount that is the amount…

Q: ow do we find sales in statement of comprehensive income

A: The question provides the Comprehensive income statement for the financial period from 1st Jan 2019…

Q: Which of the following may not result to the amount of cost of sales? a.Net purchases less net…

A: Solution- COGS can be calculated in three steps that culminate in one formula.   Or, to put it…

Q: What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c.…

A: Calculate the cost of goods sold as follows: Cost of goods sold = Opening inventory + Purchases -…

Q: Enter the letter for each term in the blank space beside the definition that it most closely…

A: Sales discount : The discount given by the seller of goods and services to the buyer for promoting…

Q: (True or False?) The income statement for a retailer shows both gross profit and profit.

A: Gross profit = Sales - Cost of goods sold  Net Profit =  Total Revenue - Total Expenses

Q: The objective of is to encourage the buyer to purchase in large quantities and to increase the level…

A: The sellers of the goods adopt various techniques to encourage the buyers to acquire goods in large…

Q: Define and describe the differences between a sales return and a sales allowance

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: The classification and normal balance of the sales discount account would be A. expense and debit B.…

A: The seller for increasing their sales uses the sales discount method and for recovering early…

Q: The contra−revenue accounts​ include:   A. Sales Tax Payable.   B. Sales Returns and Allowances.…

A: Contra revenue: revenue account should have a credit balance but in contra revenue it has a debit…

Q: What is the difference between a sales discount, a sales return and a sales allowance?

A: A contra account is an account whose balance is opposite of the general or usual balance of that…

Q: Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and…

A: Normal balance refers to the excess of amount on one side, over the amount on the other side in an…

Q: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts…

A: Gross profit = Net sales – Cost of goods sold Net income or loss   = Gross Profit – Operating…

Q: Gross profit is the gross sales price charged for the goods sold A.True B.False

A: Gross profit means the profit earned by selling the goods without considering the indirect expenses…

Q: The "Allowance for sales discounts" account may be used under Select the correct response: O Net…

A: Solution: Allowance for sales discount is used when sales discount is accounted for using estimates…

Q: How to calculate net sales revenue and net purchases

A: The income statement is one of the financial statements of the business which is prepared to know…

Q: The sales revenue section of an income statement for a retailer would not include Select one: a.…

A: The sales revenue section of an income statement for a retailer would not include

Q: cost of merchandise sold? S What is the term applied to the eXcess of net revenue from sales over…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: The classification and normal balance of sales discount

A: The sales discount is the discount provided to customers, which decreases the value of sales…

Q: Define Sales returns and allowances

A: The Numerical has covered the concept of Sales Return and Sales Allowance.