Boynton Jewelers reported the following amounts at the end of the year: total sales = $550,000;sales discounts = $12,000;sales returns = $44,000;sales allowances = $17,000.What was the company's net revenues for the year?

Question

Quizplus · Accepted Answer

Net revenues are calculated by subtracting sales discounts, sales returns, and sales allowances from total sales: $550,000 - $12,000 - $44,000 - $17,000 = $477,000.

Boynton Jewelers Reported the Following Amounts at the End of the Year