B&B Lumber reports gross sales of $80,000.If sales returns and allowances are $20,000 and sales discounts are $3,000,what are the net sales?

Question

Quizplus · Accepted Answer

Net sales are calculated by subtracting sales returns and allowances and sales discounts from gross sales:

Net sales = Gross sales - Sales returns and allowances - Sales discounts 
Net sales = $80,000 - $20,000 - $3,000 
Net sales = $57,000

Therefore, the correct answer is C) $57,000.

B&B Lumber Reports Gross Sales of $80,000