Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your Company has the following transactions: Your company sold $65,500 of its inventory for $95,000 on account, terms 3/10, n/30. Your Company sold the inventory

Your Company has the following transactions: Your company sold $65,500 of its inventory for $95,000 on account, terms 3/10, n/30. Your Company sold the inventory under FOB destination. Shipping cost $500 Your Customer was unhappy with the condition of the merchandise. Your Company offered a $2,500 allowance against the purchase price to satisfy the customer. Your Company was paid within the first ten days. What is net sales for the period?

Group of answer choices

$90,225

$92,500

$89,725

$89.650

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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

3rd Canadian edition

1-119-40285-5, 111940276X, 978-1119566007

More Books

Students also viewed these Accounting questions

Question

Evaluating or appraising employees work.

Answered: 1 week ago