Question

Which of the following amounts would be used to calculate net revenues for the current year?...

Which of the following amounts would be used to calculate net revenues for the current year?

  • All of the other answer choices are correct.

  • Total sales revenue for the current year.

  • Estimated sales, returns, and allowances that will occur next year as a result of sales transactions in the current year.

  • Actual sales returns, allowances, and discounts for the current year.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

in order to calculate net revenue for the current year only the actual figures as well as the current year figures are to be used for the calculation.

To calculate net revenue total sales revenue for the current year as well as actual sales return, allowances and discounts for the current year should be taken into consideration to calculate net revenue.

Net revenue = Total sales revenue - Actual sales returns - allowances- discounts.

Estimated sales, returns and allowances for the next year is of no use in order to calculate revenue for the current year.

The four the correct choices are total sales revenue for the current year, actual sales return, allowances and discounts for the current year .

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
I need to calculate Net Sales - this is what I'm using Net sales = Gross...
I need to calculate Net Sales - this is what I'm using Net sales = Gross Sales - Sales returns, allowances and discounts. What is Gross Sales - throughout the accounting period all sales have been on accounts receivable To calculate gross sales do I use my accounts receivable figure which is including GST collected or do I use the sales revenue figure ?
Given the following information for the year ended 12/31/X3: Sales Revenues ($210,000); Selling and Administrative Expense...
Given the following information for the year ended 12/31/X3: Sales Revenues ($210,000); Selling and Administrative Expense $42,000; Sales Discounts $6,000; Sales Returns and Allowances $11,000; Cost of Goods Sold $125,000; Interest Expense $4,000. Determine the 20X3 gross margin The answer is 68000 but I want to know how that value was derived, thank you
The following information is available for Shamrock Corp. for the year ended December 31, 2022. Other...
The following information is available for Shamrock Corp. for the year ended December 31, 2022. Other revenues and gains $21,400 Other expenses and losses 3,000 Cost of goods sold 279,000 Sales discounts 3,000 Sales revenue 745,000 Operating expenses 209,000 Sales returns and allowances 8,800 Prepare a multiple-step income statement for Shamrock Corp. The company has a tax rate of 25%.
The following information is available for Splish Brothers Corp. for the year ended December 31, 2022....
The following information is available for Splish Brothers Corp. for the year ended December 31, 2022. Other revenues and gains $23,600 Other expenses and losses 4,000 Cost of goods sold 291,000 Sales discounts 4,800 Sales revenue 759,000 Operating expenses 220,000 Sales returns and allowances 10,600 Prepare a multiple-step income statement for Splish Brothers Corp. The company has a tax rate of 25%.
1 Trend analysis [5–10 min] Mariner, Corp., reported the following revenues and net income amounts: (In...
1 Trend analysis [5–10 min] Mariner, Corp., reported the following revenues and net income amounts: (In millions) 2013 2012 2011 2010 Revenue .............................. $9,910 $9,700 $9,210 $9,110 Net income.......................... 7,475 7,400 5,495 4,690 Requirements: 1. Calculate Mariner’s trend analysis for revenues and net income. Use 2010 as the base year, and round to the nearest percent. 2. Which measure increased faster during 2011–2013?
The information below relates to the operations of Wildhorse Corporation for the year ended December 31,...
The information below relates to the operations of Wildhorse Corporation for the year ended December 31, 2017. Cost of goods sold $349,000 Interest expense 2,490 Sales returns & allowances 9,170 Accounts Payable 120,278 Sales discounts 3,992 Depreciation expense 284,520 Sales Revenue 982,396 Salaries & Wages 163,652 Prepaid expenses 3,430 Rent expense 39,300 Loss-due to fire 8,398 Rental revenue 25,900 Additional information: • The effective tax rate is 40%. how would i answer this answer: wildhorse corporation income stattement for year...
Panamerican Foods reported the following account balances on the company’s adjusted trial balance. Accounts Payable $...
Panamerican Foods reported the following account balances on the company’s adjusted trial balance. Accounts Payable $ 6,000 Accounts Receivable 25,000 Inventory 22,800 Advertising Expense 19,000 Cost of Goods Sold 145,000 Delivery Expense 7,400 Income Tax Expense 2,000 Insurance Expense 1,000 Rent Expense 17,600 Sales Revenue 300,000 Sales Discounts 9,600 Sales Returns & Allowances 40,000 Net income would be: $100,000. $105,400. $98,000. $134,200. None of the other answers are correct.
In the current year, the CAR Partnership received revenues of $450,000 and paid the following amounts:...
In the current year, the CAR Partnership received revenues of $450,000 and paid the following amounts: $180,000 in rent, utilities, and salaries; a $45,000 guaranteed payment to partner Ryan; $10,000 to partner Amy for consulting services; and a $40,000 distribution to 25% partner Cameron. In addition, the partnership realized a $12,000 net long- term capital gain. Cameron’s basis in his partnership interest was $80,000 at the beginning of the year and included his $25,000 share of partnership liabilities. At the...
AP2-23 QUESTION Based on the following transactions, calculate the revenues, expenses, and net income that would...
AP2-23 QUESTION Based on the following transactions, calculate the revenues, expenses, and net income that would be reported on (a) the cash basis and (b) the accrual basis: i.Inventory costing $70,000 was purchased on account. ii.Inventory costing $60,000 was sold for $100,000. Eighty percent of the sales were for cash. iii.Cash collected from credit customers (those who bought on account) totalled $20,000. iv.A lease was signed at the beginning of the year, requiring monthly payments of $1,000. The rent for...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue $645,000 Sales Returns and Allowances $50,000 Sales Discounts 9,500 Cost of Goods Sold 396,000 Freight-Out 2,000 Advertising Expense 15,000 Interest Expense 19,000 Salaries and Wages Expense 84,000 Utilities Expense 23,000 Depreciation Expense 3,500 Interest Revenue 25,000 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. (List other revenues before other expenses.) Calculate the profit margin and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT