When preparing an income statement do

you deduct purchase discounts, returns, and allowances if the total for cost of goods sold had been deducted?

7 Less 81 Sales Returns 9 | Sales Allowance ( 10% of Gross Sales) 101 Sales Discounts (3% of Gross Sales) 11 Net Sales 12 Rent Revenue 13Total Revenues $56,001.00 15Cost of Goods Sold Purchase Discounts Purchase Returns & Allowances $38.662.00 Gross Profit