How are sales reported on the income statement?
A)Sales are shown for three years net of returns and allowances.
B)Sales amounts are inflation-adjusted.
C)Sales are shown for two years and are reported in nominal terms.
D)Sales are shown at gross amounts, adjusted for inflation.

Question

Quizplus · Accepted Answer

Sales are reported on the income statement at gross amounts, net of returns and allowances.

How Are Sales Reported on the Income Statement