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# ACC 290 Week 3 Preparing a Multiple Step Income Statement Problem 5-5A (Simon Company) (Score_A+)

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University of PhoenixUniversity of Phoenix 2019 - ACC 290 Week 3 Preparing a Multiple Step Income Statement Write-Up. ACC 290 Week 3: The net sales of Simon Company entered by the inexperienced accou... ntant is \$850,000. However, that is inaccurate as in order to calculate the net sales, you deduct the Less: Sales returns and allowances of \$28,000 and also the Sales Discounts of \$18,000 from the sales of \$911,000. That calculation actually gives you a net sales of \$865,000. Due to the person making a mistake in the net sales, the gross profit is also off. In order to get the gross profit, you deduct the Costs of Goods Sold (\$555,000) from the net sales of \$865,000. That gives you a correct gross profit of \$310,000………. [Show More]

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