Globe Electronics, Inc. reported the following amounts at the end of the year: Description Total sales Accounts receivable Sales allowances Amount ($) 1.200.000 120,000 2,500 Allowance for uncollectible accounts 8.000 Sales discounts Sales returns Required: 15,000 5,000 1. Determine total contra revenues for the company. 2. Determine net sales for the company.

Globe Electronics, Inc. reported the following amounts at the end of the year: Description Total sales Accounts receivable Sales allowances Amount ($) 1.200.000 120,000 2,500 Allowance for uncollectible accounts 8.000 Sales discounts Sales returns Required: 15,000 5,000 1. Determine total contra revenues for the company. 2. Determine net sales for the company.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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A company had the following information taken from various accounts at the end of the year: Sales discounts Deferred revenues $ 41,000 Total revenues Purchase discounts Sales allowances Accounts receivable 32,000 459,000 15,000 35,000 205,000 What was the company's net revenues for the year?