I know this is messed up, can someone help make it right? Kelly\'s Jewelry has t

Question

I know this is messed up, can someone help make it right?

Kelly's Jewelry has the following transactions during the year: total ewelry sales = $740,000; sales discounts = $19,500; sales returns = $49,000; sales allowances = $29,000. 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 $1,950; sales retums $5,880; sales allowances $3,870. Compute net sales. Total sales S 740,000 17,550 43,120 25,130 Sales discounts Sales returns Less: Sales allowances Add: Sales allowances S 642,500

Explanation / Answer

Total sales 740,000 Less:Sales discounts(19500+1950) l21450 Less:Sales returns( 49000+5880) 54880 Less:Sales allowances( 29000+3870) 32870 Net Sales $630800.

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