would look like:
$350,000 – ($35 + $17,500 + $7,000) = $325,465
Looking at her net sales numbers from the past fiscal year, Casey can review her sales strategies and make adjustments to increase profits. Next year, for example, Casey might reduce her coupon code to 15%, which should add about $7,000 to her net sales.
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How to add gross and net sales to an income statement
Also known as a profit and loss (P & L) statement, an income america phone number list statement is a financial report that details your revenue and expenses over a fixed period of time.
You’ll want to report on both gross and net sales. Here’s how Casey prepared this portion of her income statement, including her cost of goods sold (COGS), which totaled $200,000:
Casey’s Dog Sweaters,
Partial Income Statement for 2023 Deductions Totals
Gross Sales $350,000
Less Allowances $35
Less Discounts $17,500
Less Returns $7000
Net Sales $325,465
Cost of Goods Sold (COGS) $200,000
Gross Profit $125,465
An income statement is a chance to review the discrepancies between your gross and net sales numbers. If the difference between the numbers is very high, it can be a sign that your company is losing money on discounted products.