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ACCT 212 Lecture Notes - Lecture 8: Retained Earnings, Cash Flow, Target Corporation

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Sales less sales discounts less sales returns and allowances equals
<ol>
<li dir="ltr" style="list-style-type: lower-alpha;">
Net Sales
</li>
<li dir="ltr" style="list-style-type: lower-alpha;">
Net Profit
</li>
<li dir="ltr" style="list-style-type: lower-alpha;">
Cost of goods sold
</li>
<li dir="ltr" style="list-style-type: lower-alpha;">
Net income
</li>
</ol>

Sales less sales discounts less sales returns and allowances equals:
a. Net Sales
b. Net Profit
c. Cost of Goods Sold
d. Net Income

sales Revenue: 460,000. Cost of goods sold 300,000. operatingexpenses 85,000. sales discounts 20,000. Sales returns andallowances: 15,000. Interest revenue: 5,000. 1) What is net sales revenue? 2) Assume net sales revenue is 450,000. What is gross profit?

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ACCT 212 Lecture Notes - Lecture 8: Retained Earnings, Cash Flow, Target Corporation

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