Nelson Company provides the following information for the month ended October 31

Question

Nelson Company provides the following information for the month ended October 31, 2017: sales on credit $320,700, cash sales $114,900, sales discounts $5,400, and sales returns and allowances $12,500.

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

NELSON COMPANY
Income Statement (Partial)
For the Year Ended October 31, 2017For the Month Ended October 31, 2017October 31, 2017

DrawingsExpensesNet Income / (Loss)Sales RevenuesTotal ExpensesTotal RevenuesNet SalesOwner's Capital, October 1Owner's Capital, October 31

$

AddLess:

$

    Drawings    Expenses    Net Income / (Loss)    Sales Revenues    Total Expenses    Total Revenues    Net Sales    Owner's Capital, October 1    Owner's Capital, October 31    

$

Explanation / Answer

Sales 435400 Less : Sales Return and allowance 12500 Sales Discount 5400 17900 Net Sales 417500

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