To calculate net sales, which of the following options is subtracted from gross sales? Cost of Goods Sold Interest Expense Sales Discounts Revenues A company sold merchandise for $2,000 on account with credit terms 3/10,n/30. Assume the customer takes advantage of the sales discount. What would the seller need to do? Credit Cash for $2,000 Debit Sales Discounts for $60 Debit Accounts Receivable for \$1,940 Debit Cash for $2,000 Sparky Co. sold $2,200 worth of pitchforks on account to one of its customers on October 15 , with credit terms of 2/10, n/30. The inventory sold cost Sparky Co. $900. To record the cost of the merchandise sold on October 15, what should Sparky Co. debit? Inventory $900 Sales Revenue for $2,200 Cost of Goods Sold $900 Accounts Payable $900 When a company estimates expected future returns, which of the following options must occur? Cost of Goods Sold should increase. Sales Returns and Allowances should increase. Sales Refunds Payable should decrease. Cost of Goods Sold should be debited. A company estimates bad debt using the allowance method. They determine that the current year's ending balance in the allowance account is a credit of $50,000. The previous period had a credit ending balance of $22,000. What should be the amount in the adjusting entry for bad debt for the current period? $28,000 $50,000 $72,000 $22,000 Assume a company has the following information: - Note Receivable: $200,000 - Interest Rate: 4.5% - Issue Date: November 1, Year 1 - Year-end: December 31, Year 1 - Maturity Date: January 31, Year 2 What will be included in the journal entry on the note's maturity date? A credit to Interest Revenue of $9,000 A debit to Cash of $209,000 A debit to Cash of $202,250 A debit to Cash of $200,000 What can a company do to improve its accounts receivable turnover? Improve utilization of long term assets Collect on receivables more frequently Increase gross margins Increase cash sales To calculate net sales, which of the following options is subtracted from gross sales? Cost of Goods Sold Interest Expense Sales Discounts Revenues A company sold merchandise for $2,000 on account with credit terms 3/10,n/30. Assume the customer takes advantage of the sales discount. What would the seller need to do? Credit Cash for $2,000 Debit Sales Discounts for $60 Debit Accounts Receivable for \$1,940 Debit Cash for $2,000 Sparky Co. sold $2,200 worth of pitchforks on account to one of its customers on October 15 , with credit terms of 2/10, n/30. The inventory sold cost Sparky Co. $900. To record the cost of the merchandise sold on October 15, what should Sparky Co. debit? Inventory $900 Sales Revenue for $2,200 Cost of Goods Sold $900 Accounts Payable $900 When a company estimates expected future returns, which of the following options must occur? Cost of Goods Sold should increase. Sales Returns and Allowances should increase. Sales Refunds Payable should decrease. Cost of Goods Sold should be debited. A company estimates bad debt using the allowance method. They determine that the current year's ending balance in the allowance account is a credit of $50,000. The previous period had a credit ending balance of $22,000. What should be the amount in the adjusting entry for bad debt for the current period? $28,000 $50,000 $72,000 $22,000 Assume a company has the following information: - Note Receivable: $200,000 - Interest Rate: 4.5% - Issue Date: November 1, Year 1 - Year-end: December 31, Year 1 - Maturity Date: January 31, Year 2 What will be included in the journal entry on the note's maturity date? A credit to Interest Revenue of $9,000 A debit to Cash of $209,000 A debit to Cash of $202,250 A debit to Cash of $200,000 What can a company do to improve its accounts receivable turnover? Improve utilization of long term assets Collect on receivables more frequently Increase gross margins Increase cash sales