Question
Crane Company provides this information for the month ended October 31, 2017: sales on credit $305,600; cash sales $159,200; sales discounts $5,890; and sales returns
Crane Company provides this information for the month ended October 31, 2017: sales on credit $305,600; cash sales $159,200; sales discounts $5,890; and sales returns and allowances $22,130. Prepare the sales section of the income statement based on this information.
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October 31, 2017For the Month Ended October 31, 2017For the Year Ended October 31, 2017
DividendsExpensesNet Income / (Loss)Retained Earnings, October 1Retained Earnings, October 31SalesTotal ExpensesTotal RevenuesNet Sales
AddLess
Dividends Expenses Net Income / (Loss) Retained Earnings, October 1 Retained Earnings, October 31 Sales Total Expenses Total Revenues Net Sales 
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