ABC Corporation reported the following amounts at the end of the fiscal year: total sales revenue = $850,000; sales allowances = $15,000; sales returns = $35,000; net revenues = $775,000. What amount did the company report for sales discounts for the year?

ABC Corporation reported the following amounts at the end of the fiscal year: total sales revenue = $850,000; sales allowances = $15,000; sales returns = $35,000; net revenues = $775,000. What amount did the company report for sales discounts for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Hi expert please give me answer general accounting question

ABC Corporation reported the following amounts at the end of the
fiscal year: total sales revenue = $850,000; sales allowances =
$15,000; sales returns = $35,000; net revenues = $775,000. What
amount did the company report for sales discounts for the year?

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