Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Total gross sales for the period include the following: Credit card sales (discount 2%) Sales on account (2/15, n/60) $ 10,400 $ 10,800 Sales returns

image text in transcribed

Total gross sales for the period include the following: Credit card sales (discount 2%) Sales on account (2/15, n/60) $ 10,400 $ 10,800 Sales returns related to sales on account were $800. 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net sales $ 20,492.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Libby, Short

6th Edition

978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881

More Books

Students also viewed these Accounting questions

Question

Explain why the FOMC is the key policy group within the Fed.

Answered: 1 week ago

Question

3 > O Actual direct-labour hours Standard direct-labour hours...

Answered: 1 week ago

Question

Describe the characteristics of a 360-degree performance appraisal.

Answered: 1 week ago