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WTC Shoes reports gross revenues of $6,200,000 for the year ended January 31, 2025. Past history suggests that 3% of sales will be returned.

WTC Shoes reports gross revenues of $6,200,000 for the year ended January 31, 2025. Past history suggests that 3% of sales will be returned. Required: 1. How much will WTC Shoes reserve for sales returns in 2025? 2. How much net revenues will be reported in the income statement for the year ended January 31, 2025? WTC Shoes reports gross revenues of $6,200,000 for the year ended January 31, 2025. Past history suggests that 3% of sales will be returned. Required: 1. How much will WTC Shoes reserve for sales returns in 2025? 2. How much net revenues will be reported in the income statement for the year ended January 31, 2025?

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