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income, and net income after taxes

Accounting Nov 30, 2020

income, and net income after taxes. Adjusted Trial Balance As of 12/31/20xx Accounts Normal Account Balance $25,720 24,500 3,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Deferred Revenue Common Stock Retained Earnings Service Revenue Sales Discounts Cost of Goods Sold Rent Expense Interest Expense Income Tax Expense 35,000 10.000 50.000 10,000 175.000 1.112 50.194 15,175 4,000 3,000 Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Net" Sales on the Multi-step Income Statement for the period ending 12/31/xx? Fill in the blank with your calculated number. DO NOT include commas. $. signs. period.

Expert Solution

Net sales is Gross sales less Sales returns and allowances less Sales discounts.
Service Revenue 75000
Less: Sales Discounts 1112
Amount of Net Sales 73888

 

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