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Earn +20 ptsQ: Is return outwards same as sales return?
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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 kind of an account are sales return and allowances?
Sales Returns and Allowances is a contra income account.
What are the net sales of a company that has the following account balance sales 563400 sales returns and allowances 18690 cost of goods sold 371560 operating expenses 123520?
Sales 563400less:sales return 18690Net Sales 544710
Is concave a shape?
Concave is not a shape, it is the term for when two lines meet facing inwards, rather than outwards (outwards is known as convex)
If selling prices sales mix and cost structure remain the same do profits and sales increase using variable costing?
Equal
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