Computation of Gross Sales Rollman Corporation reported the following data for the year ended December 31, 2000:

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a. Compute the amount reported as total sales by Rollman Corporation for 2000.

b. What effect do sales returns and allowance have on net sales and accounts receivable?

c. What amount of total sales did Rollman record during 2000 if it had $11,000 of sales returns and allowances?

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Financial Accounting A Decision Making Approach

ISBN: 9780471328230

2nd Edition

Authors: Thomas E. King, Valdean C. Lembke, John H. Smith

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Computation of Gross Sales Rollman Corporation reported the following data for the year ended December 31, 2000:

Question:

Accounts receivable, January 1 Accounts receivable, December 31 Cash collected from customers $ 65,000 84,000 188,000

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Financial Accounting A Decision Making Approach

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