Question

The adjusted trial balance of Windsor, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $908,100; Freight-Out $13,400; Sales Returns and Allowances $19,800; and Sales Discounts $14,500.

Required:
Prepare the sales section of the income statement.

Answer 1

Windsor, Inc

Income Statement (Partial)

For the year October 31, 2022

Revenue

Sales $908,100

Less: Sales return and allowance $19,800

Sales Discount $14,500

$34,300

Net Sales $837,800