Crane Company provides this information for the month ended October 31, 2017: sa
ID: 2539131 • Letter: C
Question
Crane Company provides this information for the month ended October 31, 2017: sales on credit $305,600; cash sales $159,200; sales discounts $5,890; and sales returns and allowances $22,130.
Prepare the sales section of the income statement based on this information.
Income Statement (Partial)
October 31, 2017For the Month Ended October 31, 2017For the Year Ended October 31, 2017
DividendsExpensesNet Income / (Loss)Retained Earnings, October 1Retained Earnings, October 31SalesTotal ExpensesTotal RevenuesNet Sales
$AddLess
: $Dividends Expenses Net Income / (Loss) Retained Earnings, October 1 Retained Earnings, October 31 Sales Total Expenses Total Revenues Net Sales
$Explanation / Answer
Crane Company Income Statement For the month ended Oct 31 2017 Sales (305600+159200) 464800 Less: Sales Returns & Allowances $22,130 Sales discount $5,890 $28,020 Net Sales $436,780 If any doubt please comment