Determine the Amount of Net Sales Given

question 95

Short Answer

Determine the amount of net sales given:
gross sales = $250,000
sales discounts = $40,000
sales returns and allowances = $35,000
$ ________

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Definitions:

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government.

Accounts Receivable

Amounts receivable by a company from its clientele for products or services provided, awaiting payment.

Credit Sales

Sales transactions in which the customer is allowed to purchase goods or services on account, paying for them at a later date.

Finance Charge

The total cost of borrowing, including interest and any other charges, assessed on credit accounts.