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Net credit sales?
Is the same thing as Net Sales.
What are net credit sales?
Net credit sales are the revenues generated from the extension of an A/R account to an individual (or other entity), as modified by any allowences, returns, etc... You could also find it by taking the Net Revenue and subtracting everything except credit sales.
How do you calculate net credit sales?
Total sales - cash sales - sales return
Does cash sales and credit sales equal net sales?
yes they do but if the cash sales and credit sales ar the same number they equal subsales
Is the Sales discount account a debit or credit?
Sales discount is subtracted from gross sales in arriving at net sales. It is a contra revenue account, so it is ALWAYS debit.
Where can one find more information about JP Morgan Chase credit cards?
One can find more information about JP Morgan Chase credit cards on websites like Credit Card Chase, Wikipedia, JP Morgan Chase, Rolling Stone or Payment Net.
Why would a company report gross sales and net sales separately?
To provide more information. "Netting out" items such as gross sales against returns and discounts hides information that may be desirable. For example, if no allowance for returns is being recorded, then the so called net sales figure is probably overstated, but this can not be determined if sales are presented at net.
How do you estimate uncollectible accounts on the basis of net credit sales?
Uncollectable accounts may be estimated as a certain percentage of net credit sales or may be estimated on basis of past experiance as well as un-payable time by making uncollectable aging schedule.
What is Red's average collection period Red Company has the following information Net credit sales 400000 Net income 100000 Average total assets 80000 Average accounts receivable 20000?
The average collection period can be calculated using the formula: Average Collection Period = (Average Accounts Receivable / Net Credit Sales) × 365. In this case, Red Company has average accounts receivable of $20,000 and net credit sales of $400,000. Thus, the average collection period is ($20,000 / $400,000) × 365, which equals 18.25 days. This means Red Company takes approximately 18 days to collect its accounts receivable.
Does sales returns and allowances have a normal debit balance?
That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.
Is net sales and and net income the same thing?
Net sales and Net Income are not of the same thing. Net sales is sales less its contra accounts (sales returns and allowances, sales discounts). On the other hand, net income or profit is net sales less the expenses.
How do you calculate gross sales?
NET SALES: Gross sales minus returns, discounts, and allowances. GROSS SALES: Total invoice value of sales, before deducting for customer discounts, allowances, or return.No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you would debit cash $105, credit Sales $100 and credit Sales Tax Payable $5...
