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

Explanation of Gross Sales: Gross sales represents the total revenue generated from all sales…

Answered: For the fiscal year, sales were…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...

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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?