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Answer :
Final answer:
Net sales on an income statement are calculated as total sales minus allowances for returned goods and discounts, representing the revenue retained after such deductions. So the correct answer is 2). total sales minus allowances for returned goods and discounts.
Explanation:
So the correct answer is 2). total sales minus allowances for returned goods and discounts. On a firm's income statement, net sales consist of total sales minus allowances for returned goods and discounts.
This calculation reflects the actual revenue the company retains after accounting for products that were returned and any discounts that were provided to customers. The term 'allowances' covers both of these deductions from the gross sales figure.
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