Question

Barto Company provides this information for the month ended October 31, 2022: sales on credit $300,000, cash sales $150,000, sales discounts $5,000, and sales returns and allowances $19,000. Prepare the sales section of the multiple-step income statement based on this information.

Answer 1

The sales section of the multiple-step income statement based on this information is $426,000.

BARTO COMPANY  Income Statement (partial)  For the Month Ended December 31, 2022

Revenues:  

Sales revenue    $450,000

($300,000 + $150,000)

Less: Sales discount ($5,000)

Sales returns and allowances ($19,000)  

$24,000

Net sales          $426,000                          

($450,000 - $24,000)  

Inconclusion the sales section of the multiple-step income statement based on this information is $426,000.

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