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Assuming that Sales Discounts are reported as contra- revenue, compute Net Sales for the two months ended February 28. (Do not round intermediate calculations. Round
Assuming that Sales Discounts are reported as contra- revenue, compute Net Sales for the two months ended February 28. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows: 6 Sold goods for $200 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $75. 7 Sold goods to Spyder Corp. for $95 with terms 1/10, n/30. The goods cost Solitare $65. 14 Collected cash due from Wizard Inc. 3 Collected cash due from Spyder Corp. 28 Sold goods for $65 to Bridges with terms 1/10, n/45. The goods cost Solitare $40. Required: Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28. (Do not round intermediate calculations. Round your answer to 2 decimal places.)Step by Step Solution
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