For the fiscal year, sales were $8,300,000, sales discounts were $100,000, sales returns and allowances were $45,000, and the cost of merchandise sold was $5,000,000. What was the amount of net sales?

For the fiscal year, sales were $8,300,000, sales discounts were $100,000, sales returns and allowances were $45,000, and the cost of merchandise sold was $5,000,000. What was the amount of net sales?

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 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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For the fiscal year, sales were $8,300,000, sales
discounts were $100,000, sales returns and allowances
were $45,000, and the cost of merchandise sold was
$5,000,000. What was the amount of net sales?

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