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What else can I help you with?
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
Structure of profit and loss account?
$ $ $ sales return inwards lcogs opening stock purchase return outwards etc
How do you treat returns outwards?
Returns outwards, also known as sales returns, occur when customers return goods to the seller. To treat returns outwards, you should first record the return in the sales returns account, which is a contra-revenue account that reduces total sales revenue. Then, adjust your inventory records to reflect the returned items and ensure that any relevant financial statements are updated accordingly. Finally, if applicable, process any refunds or credits to the customer.
What is return inwards?
a customer may return goods to the business. these goods are known as sales return or return inward.
Is net earning percent of sales the same thing as return on sales?
no
What is less return outwards?
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 :)
Is sales return and return inwards same thing?
Yes. It is just another term used for in accounting.
What is carriage outwards in accounting?
Some expense that is occur during sales
Do returns inwards and return outwards have debit or credit in trial balance?
In a trial balance, returns inwards (sales returns) are recorded as debits because they reduce total sales revenue, reflecting a decrease in income. Conversely, returns outwards (purchase returns) are recorded as credits since they decrease total purchases, indicating a reduction in expenses. Thus, returns inwards affect the debit side, while returns outwards impact the credit side of the trial balance.
How do you account cash sales return?
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
What is the difference between sale sand sales return?
sales is when u sale it dimwitt and sales return is when u return it dumbie
Is sales return an expense?
Sales return is reduction in sales as customer returns goods for any reason and it is not expense.
Is sales returns an asset?
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.
