--> 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
Sales Returns and Allowances is a contra income account.
Sales 563400less:sales return 18690Net Sales 544710
Concave is not a shape, it is the term for when two lines meet facing inwards, rather than outwards (outwards is known as convex)
Equal
$ $ $ sales return inwards lcogs opening stock purchase return outwards etc
a customer may return goods to the business. these goods are known as sales return or return inward.
no
Ask your mum you son of a dog . I joke less return outwards means the amount of stock they return the the supplier, in other words refund. Dog... have a nice day :)
Yes. It is just another term used for in accounting.
Some expense that is occur during sales
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
sales is when u sale it dimwitt and sales return is when u return it dumbie
Sales return is reduction in sales as customer returns goods for any reason and it is not expense.
Sales return is that portion of finished goods which once sold but refund back by customers so as finished goods are assets same way sales return is asset as well because it increase the finished goods inventory.
Rate of Return on Net Sales = (Net Income) / (Total Sales)
Return on sales = 814100 / 9275000 = 8.777 %