which financial statement reports sales discount CH 5 Q17. Which...
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which financial statement reports sales discount
CH 5 Q17. Which financial statement reports sales discounts and sales returns and allowances? Show how they are reported, using any reasonable amounts in your Illustration. (6 marks) The income statement reports sales discounts and sales returns and allowances as follows: Sales revenue $300,000 Less: Sales discounts 6,000 Sales returns and allowances 5,000 1,000 Net sales revenue $289,000 Cost of goods sold 175,000 Gross margin $114,000 Q17,? . (6 )
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