Required information CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $152,590). $ 276,700 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $810). 1,610 c. Sold merchandise (costing $9,450) to a customer on account with terms n/30. 21,000 d. Collected half of the balance owed by the customer in (c). 10,500 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,820 CP6-3 Part 1 Required: Compute Net Sales and Gross Profit for Campus Stop.
Required information CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $152,590). $ 276,700 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $810). 1,610 c. Sold merchandise (costing $9,450) to a customer on account with terms n/30. 21,000 d. Collected half of the balance owed by the customer in (c). 10,500 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,820 CP6-3 Part 1 Required: Compute Net Sales and Gross Profit for Campus Stop.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information
CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6]
[The following information applies to the questions displayed below.]
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:
| a. | Sold merchandise for cash (cost of merchandise $152,590). | $ | 276,700 | |
| b. | Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $810). | 1,610 | ||
| c. | Sold merchandise (costing $9,450) to a customer on account with terms n/30. | 21,000 | ||
| d. | Collected half of the balance owed by the customer in (c). | 10,500 | ||
| e. | Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. | 1,820 | ||
CP6-3 Part 1
Required:
- Compute Net Sales and Gross Profit for Campus Stop.
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