Martin Company reported the following balances at June 30 2016: $$\begin{array} { l r }
\text { Sales Revenue } & \$ 16,500 \
\text { Sales Returns and Allowances } & 800 \
\text { Sales Discounts } & 200 \
\text { Cost of Goods Sold } & 7,100
\end{array}$$ Net sales for the month is

Question

Martin Company reported the following balances at June 30 2016: $$\begin{array} { l r } 
\text { Sales Revenue } & \$ 16,500 \
\text { Sales Returns and Allowances } & 800 \
\text { Sales Discounts } & 200 \
\text { Cost of Goods Sold } & 7,100
\end{array}$$ Net sales for the month is

Quizplus · Accepted Answer

Net sales are calculated by subtracting sales returns and allowances and sales discounts from sales revenue. Therefore, net sales = $16,500 - $800 - $200 = $15,500.

Martin Company Reported the Following Balances at June 30 2016