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Gross sales total $250,000, one-half of which were credit sales. Sales returns and allowances of $15,000 apply to the credit sales, sales discounts of 2% were taken on all of the net credit sales, and credit card sales of $100,000 were subject to a credit card discount of 3%. What is the dollar amount of net sales? a. $227,000 b. $229,800 c. $250,000 d. $240,000

Gross sales total $250,000, one-half of which were credit sales. Sales returns and allowances of $15,000 apply to the credit sales, sales discounts of 2% were taken on all of the net credit sales, and credit card sales of $100,000 were subject to a credit card discount of 3%. What is the dollar amount of net sales? a. $227,000 b. $229,800 c. $250,000 d. $240,000

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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What is the dollar amount of net sales? for this accounting question

Gross sales total $250,000, one-half of which were credit sales. Sales returns and allowances of $15,000 apply to the credit sales, sales discounts of 2% were taken on all of the net credit sales, and credit card sales of $100,000 were subject to a credit card discount of 3%. What is the dollar amount of net sales? a. $227,000 b. $229,800 c. $250,000 d. $240,000
Transcribed Image Text:Gross sales total $250,000, one-half of which were credit sales. Sales returns and allowances of $15,000 apply to the credit sales, sales discounts of 2% were taken on all of the net credit sales, and credit card sales of $100,000 were subject to a credit card discount of 3%. What is the dollar amount of net sales? a. $227,000 b. $229,800 c. $250,000 d. $240,000
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