Exercise 55 nce of Blossom Company shows these data pertaini

Exercise 5-5 nce of Blossom Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $903,400; Freight-Out $13,700; Sales Returns and Allowances $22,000; and Sales Discounts $15,400. Prepare the sales section of the income statement. BLOSSOM COMPANY Income Statement (Partial) SHOW LIST OF ACCOUNTS

Solution

Income Statement (Partial) For the year Ended October 31, 2017 Sales: Sales revenue 903400 Less: Sales returns and allowances 22000 Sales discounts 15400 37400 Net sales 866000