20:49
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LSDefine
Simple English definitions for legal terms
net sale
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A quick definition of net sale:
Net sale refers to the amount of money earned from a sale after all expenses, returns, and discounts have been deducted. It is the final profit earned from a sale. For example, if a store sells a shirt for $20 but offers a 10% discount, and the customer returns the shirt for a refund, the net sale would be the amount earned after deducting the discount and refund.A more thorough explanation:
Definition: Net sale refers to the amount of money left over from a sale after deducting returns, allowances, rebates, discounts, and other expenses.
Example: If a company sells $100 worth of products but has to give $10 in refunds and $5 in discounts, the net sale would be $85.
Explanation: This example illustrates how net sale is calculated by subtracting any returns, allowances, rebates, discounts, and other expenses from the total sale amount. In this case, the net sale is $85 because $10 in refunds and $5 in discounts were deducted from the original sale amount of $100.