= Marquette's Jewelry has the following transactions during the year: total jewelry sales = $570,000; sales...
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= Marquette's Jewelry has the following transactions during the year: total jewelry sales = $570,000; sales discounts $11,000; sales returns $32,000; sales allowances $12,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $1,100; sales returns = $3,840; sales allowances = $1,600. Compute net sales. Total sales Net sales = Marquette's Jewelry has the following transactions during the year: total jewelry sales = $570,000; sales discounts $11,000; sales returns $32,000; sales allowances $12,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $1,100; sales returns = $3,840; sales allowances = $1,600. Compute net sales. Total sales Net sales
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To compute net sales we consider the total jewelry sales and subtract all the dedu... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Posted Date:
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