NET SALES Definition

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NET SALES is gross sales less discounts, allowances, sales returns, freight out, etc.

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K-1, SCHEDULE is an IRS form used to report a beneficiarys share of income, deductions, credits, and other items from certain trusts or partnerships.

ORDINARY INCOME is the income derived from the regular operating activities of a business or individual, but exclusive of capital gains. Net income from a business, along with personal wages, interest, and dividends are examples of ordinary income.

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