Question

Financial information is presented below:________.Operating expenses $ 63000Sales returns and allowances 4000Sales discounts 5000Sales revenue 156000Cost of goods sold 92000The amount of net sales on the income statement would be:_________.

Answer 1

Answer: $147,000

Explanation:

Net Sales is calculated by deducting the Sales returns and allowances as well as the Sales discounts from Sales revenue.

= Sales revenue - Sales returns and allowances - Sales discounts

= 156,000 - 4,000 - 5,000

= $147,000