Use the Following Information to Calculate Net Sales: Gross Sales

question 21

Short Answer

Use the following information to calculate net sales: Gross Sales, $300,000; Sales Returns and Allowances, $25,800; Sales Discounts, $35,700; Merchandise Inventory, January 1, 2012, $67,100; Merchandise Inventory, December 31, 2012, $52,900; Net Purchases, $89,200; Freight In, $700; Salaries, $81,800; Rent, $16,600; Utilities, $1,125; Insurance, $2,195; and Income Tax, $14,900.

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Definitions:

Unconscious

Refers to the part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Childhood Sexual Abuse

Experiences of sexual activities imposed on a child by an adult or older child, causing potential long-term psychological trauma.

Freudian Slips

Unintended errors in speech or action that are interpreted as revealing subconscious thoughts or desires.

Penis Envy

The envy the female feels toward the male because the male possesses a penis; this is accompanied by a sense of loss because the female does not have a penis.