Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the month of April, a company had the following transactions: - Sold $65,000 of goods for cash - Sold $355,000 of goods on account,

During the month of April, a company had the following transactions:

- Sold $65,000 of goods for cash

- Sold $355,000 of goods on account, with terms of 3/15, n/45. Of this amount, customers made payment on $200,000 of invoices within 15 days of their purchase.

- Sold $580,000 of goods to customers who used bank credit cards. The merchant fee for these transactions was 2.5 percent of their purchase.

- Refunded $2,200 to customers who returned the products.

Calculate the month of April's a) total/gross revenue, b) net sales revenue, c) sales related expense for the company.

Show all work including calculations.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing Uncover Fraud And Protect Your Portfolio

Authors: Kate Mooney

1st Edition

0071481826, 9780071481823

More Books

Students also viewed these Accounting questions

Question

Learn the form and components of the audit risk model.. K-9875

Answered: 1 week ago

Question

Differentiate between gender equality and gender equity.

Answered: 1 week ago