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The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: Inventory that had cost $ 1 6 , 8 0 0
The following information was drawn from the Year accounting records of Ozark Merchandisers:
Inventory that had cost $ was sold for $ under terms net
Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $ The merchandise had cost Ozark $
All customers paid their accounts within the discount period.
Selling and administrative expenses amounted to $
Interest expense paid amounted to $
Land that had cost $ was sold for $ cash.
Required
a Determine the amount of net sales.
b Prepare a multistep income statement.
c Where would the interest expense be shown on the statement of cash flows?
d How would the sale of the land be shown on the statement of cash flows?
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Req
Req B
Req C and D
Determine the amount of net sales. Round your intermediate calculations and final answer to the nearest whole dollar amount.
Net sales
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