Use the Following Information to Calculate Net Sales: Gross Sales

question 24

Short Answer

Use the following information to calculate net sales: Gross Sales, $350,000; Sales Returns and Allowances, $22,800; Sales Discounts, $45,700; Merchandise Inventory, January 1, 2012, $77,100; Merchandise Inventory, December 31, 2012, $62,900; Net Purchases, $99,200; Freight In, $1,700; Salaries, $71,800; Rent, $26,600; Utilities, $1,225; Insurance, $3,195; and Income Tax, $15,900

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Definitions:

Cognition

The cognitive activity involved in gaining knowledge and comprehension via thinking, experiencing, and sensory perception.

Categorize

To arrange or classify items, individuals, or ideas into specified groups based on shared characteristics or qualities.

Inclusive Levels

The extent to which a group or activity is open to all, regardless of individual differences or diversity.

Parental Responsiveness

The extent to which parents respond to their child's needs in a timely, sensitive, and appropriate manner.