Question
Total gross sales for the period include the following: credit card sales (discount 3%) $9,400 sales on account (2/15,n/60) $12,000 Sales returns related to sales
Total gross sales for the period include the following:
credit card sales (discount 3%) $9,400
sales on account (2/15,n/60) $12,000
Sales returns related to sales on account were $650. 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?
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
