The adjusted trial balance of Cullumber Company shows these data pertaining to s

Question

The adjusted trial balance of Cullumber Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $906,700; Freight-Out $14,200; Sales Returns and Allowances $19,500; and Sales Discounts $14,000.

Prepare the sales section of the income statement.

CULLUMBER COMPANY
Income Statement (Partial)
choose the accounting period ----------------------------------------- select an opening section name ExpensesSalesNet SalesTotal ExpensesNet Income / (Loss)Total RevenuesDividendsRetained Earnings, November 1, 2016Retained Earnings, October 31, 2017 enter an income statement item ---------------------------------------------------- $enter a dollar amount select between addition and deduction AddLess : enter an income statement item $enter a dollar amount ------------ enter an income statement item ------------------------------------------------------ enter a dollar amount ------------- enter a subtotal of the two previous amounts --------------- select a closing section name Total RevenuesTotal ExpensesNet SalesRetained Earnings, October 31, 2017Net Income / (Loss)DividendsExpensesRetained Earnings, November 1, 2016Sales $enter a total amount for this section

Explanation / Answer

Prepare sales section :

Revenue Sales 906700 Less : Sales return and allowance (19500) Sales discount (14000) (33500) Net sales 873200

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