Question

Cullumber Company provides this information for the month ended October 31, 2022: sales on credit $252,000,...

Cullumber Company provides this information for the month ended October 31, 2022: sales on credit $252,000, cash sales $126,000, sales discounts $4,200, and sales returns and allowances $15,960.

Prepare the sales section of the income statement based on this information.

Homework Answers

Answer #1
Solution:
SALES SECTION OF THE INCOME STATEMENT
Amount Amount
Sales Revenues:
Sales on Credit $         252,000
Cash Sales $         126,000
Total Sales $        378,000
Less: Sales Discounts $             4,200
Less: Sales Return and Allowances $           15,960
Net Sales $        357,840
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