Problem #1

Below is information regarding XYZ Company:

4/1 Sold merchandise to Customer A who charged $2,000 on their MasterCard. MasterCard charges a 2 percent credit card fee.

4/3 Sold merchandise to Customer B at an invoice price of $1,000; terms 2/10, n/30.

4/5 Sold merchandise to Customer C at an invoice price of $1,800; terms 2/10, n/30.

4/7 Sold merchandise to Customer D who charged $2,500 on the AMEX card. AMEX charges a 3 percent credit card fee.

4/10 Sold merchandise to Customer E at an invoice price of $2,000; terms 2/10, n/30.

4/12 Collected from Customer B.

4/14 Customer E returned half of the merchandise purchased for a credit.

4/17 Collected from Customer C.

4/19 Collected from Customer E.

4/25 Sold merchandise to Customer E at an invoice price of $1,000; terms 2/10, n/30.

1. Calculate the gross sales for April.

2. Calculate the total credit card discounts for April.

3. Calculate the total payment discounts taken for April.

4. Calculate the returns and allowances for April.

5. Calculate the net sales for April.

6. Calculate the implicit interest rate for the terms 2/10, n/30.

Not sure where to even start