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From the following​ details, calculate net sales revenue.

Sales revenue

$460,000

Cost of goods sold

300,000

Operating expenses

85,000

Sales discounts

20,000

Sales returns and allowances

15,000

Interest revenue

5,000

 

a. $400,000

b. $415,000

c. $425,000

d. $455,000

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Deanna Hettinger
Deanna HettingerLv2
13 May 2020

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Related questions

Financial information is presented below:
 
Operating expenses 28,000
Sales returns and allowances 7,000
Sales discounts 3,000
Sales revenue 150,000
Cost of goods sold 91,000
 
What is the net income?
What are net sales?
What is the profit margin ratio?

 

Rio Grande Company's include the following accounts andbalances:

Sales revenue 480

Cost of goods sold 300

Sales returns and allowances 15

Operating expenses 80

Sales discounts 20

What is the Company's net sales revenue?

a.

$400
b.

$445
c.

$415
d.

$455
e.

none of the above

What is the Gross Profit?

a.$145

b.$105

c.$140

d.$90

e.none of the above

What is the Gross Profit Percentage?

a.13.54%

b.14.61%

c.32.58%

d.21.67%

e.none of the above

E4-9 Multiple-step income statement:

In October 31, 20Y5, the balances of the accounts appearing inthe ledger of Quality Interiors Company, a furniture wholwsaler,are as follows:

Administrative expenses $600,000 Office supplies $5,000

building $2,000,000 retained earnings $903,000

capital stock $300,000 salaries payable $12,000

cash $175,000 sales $5,000,000

cost of merchandise sold $2,500,000 Sales discounts $400,000

dividends $20,000 sales returns and allowances $100,000

interest expense $50,000 selling expenses $850,000

merchandise inventory $400,000 store supplies $15,000

notes payable $900,000

Instructions:

a. Prepare a multiple-step income statement forthe year ended October 31, 20Y5.

b. Compare the major advantages anddisadvantages of the multiple-step and single-step forms.

Income statement for merchandiser:

For the fiscal year, sales were $12,140,000, sales discountswere $250,000, sales returns and allowances were $80,000, and costof merchandise sold was $7,000,000.

Instructions:

a. What was the amount of net sales?

b. What was the amount of gross profit?

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