3 question have 3 steps
The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,400 (total); terms 3/10, n/30. 25 Sold two items of merchandise to Customer C, who charged the $500 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 1 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,400 (total); terms 3/10, n/30. 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20. Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Net sales Total gross sales for the period include the following: Credit card sales (discount 3%) $ 8,900 Sales on account (2/15, n/60) $10,200 Sales returns related to sales on account were $400. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net sales $ 18,384.00 L uuudion.com omework i Saved Help Save & Exit Sub Check my world At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 48,163 8.424 39,739 During the current year, sales on account were $305,423, collections on aclount were $290,250, write-offs of bad debts were $7.009. and the bad debt expense adjustment was $4,725. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 10 Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income ta Accounts Receivable (Gross) Allowance for Doubtful Accounts Ren hal Ran hal Check my work 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year Complete this question by entering your answers in the tabs below. Req 1A Reg 18 Req 1C Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income ta Accounts Receivable (Gross) Allowance for Doubtful Accounts Beg. bal. Beg. bal. End, bal Rog Reg 10 > 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet va Disregard income tax considerations. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income st for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sh current year. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. DURNEY'S OUTDOOR OUTFITTERS Income Statement (Partial) For the Year Ended December 31 Selling, general, and administrative expenses: Req1A Req 10 > 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet Disregard income tax considerations. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance current year. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 10 Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year. (Amounts to be deducted should be indicated by a minus sign.) DURNEY'S OUTDOOR OUTFITTERS Balance Sheet (Partial) As of December 31 Current assets:
