Question

Austin sound sold inventory for $ 300,000, terms 2​/10, ​n/30. cost of goods sold was $152,000. how much sales revenue will austin sound report from the​ sale

Answer 1

The correct answer is $300,000.

The company will report the actual amount of the sale - $300,000. The cost of goods sold is subtracted from the net sales on the income statement at the end of the fiscal period.