The adjusted trial balance of Carla Vista Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2020:
Sales Revenue: $841,900
Sales Returns and Allowances: $33,100
Sales Discounts: $16,900.
Prepare the sales section of the income statement.
The revenue that is generated by the company by selling its goods to its customers into the market within a certain period, then it is called sales revenue. It is the term that determines the profit. The profit and the sales revenue is directly proportioned to each other.
Answer and Explanation:
|The sales section of the income statement|
|Less: Sales return and allowances||33,100|
|Less: Sales discount||16,900|
|Less: Operating expense:|
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from Financial Accounting: Help and ReviewChapter 5 / Lesson 27