Question

hơ to caculate gross income for sales when we have sales datas and collection data

hơ to caculate gross income for sales when we have sales datas and collection data
0 0
Add a comment Improve this question
Answer #1

In order to calculate Gross income for Sales you ne

Gross Sales for a reporting period is the revenue your business has generated in that particular reporting period. Gross Sales is the inclusive of all types of sales, i.e. Cash Sales, Credit Sales, Debit card/ credit card sales, Consignment sales, Goods sent on approval basis, before deducting any sales discount, cash discount, amount of sales returns and any type of allowances.

To calculate Net Income for Sales, we have to deduct all the above items from Gross Sales, i.e.

Net Sales = Gross Sales - Discounts - Sales Returns - Allowances(if any)

So, in order to calculate Gross income for Sales, from sales data and collection data, we just have to add back all the exclusions to the Net Sales, i.e. , Sales returns, Discounts, allowances.

Add a comment
Know the answer?
Add Answer to:
hơ to caculate gross income for sales when we have sales datas and collection data
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT