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False Value Hardware began 2013 with a credit balance of $32,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were $640,000 and $600,000, respectively. False Value estimates that 6% of all sales will be returned. During 2013, customers returned merchandise for a credit of $26,000 to their accounts. False Value's 2013 income statement would report net sales of: a. $633,800 b. $614,000 c. $601,600 d. $607,800

False Value Hardware began 2013 with a credit balance of $32,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were $640,000 and $600,000, respectively. False Value estimates that 6% of all sales will be returned. During 2013, customers returned merchandise for a credit of $26,000 to their accounts. False Value's 2013 income statement would report net sales of: a. $633,800 b. $614,000 c. $601,600 d. $607,800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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False Value Hardware began 2013 with a credit balance of $32,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were $640,000 and $600,000, respectively. False Value estimates that 6% of all sales will be returned. During 2013, customers returned merchandise for a credit of $26,000 to their accounts. False Value's 2013 income statement would report net sales of: a. $633,800 b. $614,000 c. $601,600 d. $607,800
Transcribed Image Text:False Value Hardware began 2013 with a credit balance of $32,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were $640,000 and $600,000, respectively. False Value estimates that 6% of all sales will be returned. During 2013, customers returned merchandise for a credit of $26,000 to their accounts. False Value's 2013 income statement would report net sales of: a. $633,800 b. $614,000 c. $601,600 d. $607,800
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