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.

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Business

York

8 January, 01:44

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.

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Savion Huber · Answer 1

C) $477,000.

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.