Question

Lewis Inc. had the following information taken from various accounts for 2015: Sales Discounts $41,000 Unearned Revenue $32,000 Total Sales $459,000 Purchase Discounts $15,000 Sales Allowances $35,000 Accounts Receivable $205,000 What was Lewis Inc.'s net revenues in 2015?

Answer 1

Th answer is: net revenue = $383,000

Step-by-step explanation:

Lewis Inc.'s net revenues can be calculated using the following formula:

net revenue = total sales -sales discounts - sales allowances

net revenue = $459,000 - $41,000 - $35,000

net revenue = $383,000

Accounts receivables, unearned revenues and purchase discounts are not considered in the calculation of net revenue.