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Please answer this question with explanations. Thank you. Total gross sales for the period include the following Credit card sales (discount 2%) Sales on account
Please answer this question with explanations. Thank you.
Total gross sales for the period include the following Credit card sales (discount 2%) Sales on account (3/15, n/60) $ 10,200 S 10,000 Sales returns related to sales on account were S400. 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 salesStep by Step Solution
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