Multiple Choice
Which of the following statements about retirement savings withheld from employee paychecks is true?
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4. Merchandising Operations
Net Sales
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Mia's gross sales for the year are \$50,000. She had sales returns and allowances of \$2,000 and sales discounts of \$1,000. What is Mia's net sales for the year?
A
\$49,000
B
\$47,000
C
\$50,000
D
\$48,000
Verified step by step guidance1
Step 1: Understand the formula for calculating net sales. Net sales is calculated as Gross Sales minus Sales Returns and Allowances minus Sales Discounts.
Step 2: Identify the values provided in the problem. Gross Sales = \$50,000, Sales Returns and Allowances = \$2,000, and Sales Discounts = \$1,000.
Step 3: Substitute the values into the formula for net sales: Net Sales = Gross Sales - Sales Returns and Allowances - Sales Discounts.
Step 4: Perform the subtraction step-by-step. First, subtract Sales Returns and Allowances from Gross Sales, then subtract Sales Discounts from the result.
Step 5: The resulting value after performing the calculations will give Mia's net sales for the year.
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