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Sales returns and allowances are reported on the ______.

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anthougo

Sales returns and allowances are reported on the Income Statement.

What is the income statement?

The income statement is a financial statement wherein the sales revenue and cost of goods sold and operating expenses are summarized in order to obtain the net income.

When reporting the sales returns and allowances on the income statement, they are subtracted from the gross sales to arrive at the net sales.

Thus, sales returns and allowances are reported on the Income Statement.

Learn more about the income statement at https://brainly.com/question/24498019

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