Kellys Jewelry has the follow ng transactions during the year total Jewelry sale

Question

Kellys Jewelry has the follow ng transactions during the year total Jewelry sales = $700,000, sales discounts = $17.500. sales retu s $45,000, sales allowances-$25,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts $1,750; sales returns $5.400; sales allowances 3,330. Compute net sales. 3 Answer is complete but not entirely correct. Total sales 5 700,000 17,500 6 Less: Sales discounts Less: Sales returms Less: Sales alowances Net sales 45,000 25,000 S 787,500

Explanation / Answer

Total sales $700,000 Less: Sales discounts $19,250 Less: Sales returns $50,400 Less: Sales allowances $28,330 Net sales $602,020

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