Question

Boynton jewelers reported the following amounts at the end of the year: total sales = $550,000; sales discounts = $12,000; sales returns = $44,000; sales allowances = $17,000. what was the company's net revenues for the year? A. $489,000.B. $485,000.C. $477,000.D. $499 ,000.

Answer 1

$477,000

Step-by-step explanation:

This can be calculated as follows:

Boynton Jewelers

Details $

Total sales 550,000

Sales discounts (12,000)

Sales returns (44,000)

Sales allowances (17,000)

Net revenue 477,000

Therefore, the company's net revenues for the year is $477,000.

Answer 2

C) $477,000.

Step-by-step explanation:

net revenues = total sales - sales discounts - sales returns - sales allowances = $550,000 - $12,000 - $44,000 - $17,000 = $477,000

• Sales discounts are reductions in the sales price, e.g. 10% off.
• Sales returns are merchandise that was returned by the customers.
• Sales allowances are sales discounts made when the customer received a defective unit and instead of returning it, decides to keep it but at a lower price.