Use the Following Information to Answer the Questions Below

question 22

Short Answer

Use the following information to answer the questions below:
Sales $73,400
HST Collected 9,542
Sales Discount 1,500
Sales Returns and Allowances 900
Delivery Expense 700
The Net Sales are ________.

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Definitions:

Mortgage Interest

The interest charged on a loan used to purchase a residence, which can be deductible for taxpayers who itemize deductions on their income tax returns.

Property Taxes

Taxes assessed on real estate by local government, based on the property's assessed value.

Depreciation

The accounting method of allocating the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.

Maintenance

The routine tasks and repairs conducted to keep equipment, buildings, or machinery in working order and prevent its deterioration.