Question
Total gross sales for the period include the following: Credit card sales (discount 4%) Sales on account (2/15, n/60) $8,900 $9,700 Sales returns related
Total gross sales for the period include the following: Credit card sales (discount 4%) Sales on account (2/15, n/60) $8,900 $9,700 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? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Net sales
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started