Problem 5-81A (Algorithmic) Effects of Discounts on Sales and Purchases Helmkamp Products sells golf clubs and accessories to pro shops. Gross sales in 2019 were $1,150,200 (Helmkamp's list price) on terms 3/15, 1/45. Customers paid for $863,500 (Helmkamp's list price) of the merchandise within the discount period and the remaining $286,700 after the end of the discount period. Helmkamp expects its customers to pay within the discount period. Required: 1. Determine how much cash was collected from sales. 1,124,295 2. Assuming all payments were received before year end, how much sales revenue will be reported on the income statement? 1,410,995 X Feedback Check My Work 1 & 2 The gross method records the receivable at the "gross" (or undiscounted) price. The discount is then recognized if payment is made within the discount per payment is not reved until after the discount period, the full amount is paid. heck My Work 1 more Check My Work uses remaining Previous ORI des