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What is rate of return on net sales ratio?
Rate of Return on Net Sales = (Net Income) / (Total Sales)
How do you present sales returns in the income statement?
sales+sales return=net sales
Is sales return an income account?
Yes, sales returns does appear in the income statement:Revenues:Sales 250,000less Sales returns 25,000
Is calculated by dividing the net income by revenue or sales?
return on sales
What kind of an account are sales return and allowances?
Sales Returns and Allowances is a contra income account.
Does sales return and allowances go on the statement of earnings?
--> another term for Statement of Earnings is Income Statement --> in income statement, you deduct the Sales Return & Allowances from the Gross Sales to come up with Net Sales --> in presentation purposes, usually it is only the Net Sales account that is shown
What is its net income if a firm has an Return of total assets of 12 percent sales of 1500 and total assets of 1275?
Net income = total assets * return on total assets. net income = 1275 * 0.12 = 153
Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
What is the net income when A firm has an Return of Assets of 12 percent sales 1500 total assets of 1275?
Return on asset = 1275 * 12% Return on asset = 153
How do you calculate sales from net income percentage?
Sales can be calculated by using net income percentage because net income is always reported as a percentage of sales. For exmaple net income of 20 is a 20% of sales so sales will be as follows: 20% sales = net income Sales = Net income / 20 * 100 Sales = 20 /20 * 100 = 100 So Sales = 100
How do you account cash sales return?
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
Doherty Corporation had net income of 30000 net sales of 1000000 and average total assets of 500000 It's return on total assets is?
Return on total assets = net income / total assets *100 Return on total assets = 30000 / 500000 * 100 = 6%
