Gross sales total $500,000, one-third of which were credit sales. Sales returns and allowances of $25,000 apply to the credit sales, sales discounts of 5% were taken on all of the net credit sales, and credit card sales of $120,000 were subject to a credit card discount of 4%. What is the dollar amount of net sales?

Gross sales total $500,000, one-third of which were credit sales. Sales returns and allowances of $25,000 apply to the credit sales, sales discounts of 5% were taken on all of the net credit sales, and credit card sales of $120,000 were subject to a credit card discount of 4%. What is the dollar amount of net sales?

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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