(Answered) Question - arndt company provides the following information

Accounting

Question - Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $321,630, cash sales $100,620, sales discounts $5,530, sales returns and allowances $10,690.

Prepare the sales revenues section of the income statement based on this information.

Assume Kadar Company has the following reported amounts: Sales revenue $953,700, sales returns and allowances $28,050, cost of goods sold $617,100, and operating expenses $205,700.

(a) Compute net sales.

(b) Compute gross profit.

(d) Compute the gross profit rate.

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