Homework Help is Here – Start Your Trial Now!
Business
Accounting
High Value Hardware began 2009 with a credit balance of $32,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were $955,000 and $600,000, respectively. High Value estimates that 9% of all sales will be returned. During 2009, customers returned merchandise for a credit of $26,000 to their accounts. High Value's 2009 income statement would report net sales of $ ____?

High Value Hardware began 2009 with a credit balance of $32,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were $955,000 and $600,000, respectively. High Value estimates that 9% of all sales will be returned. During 2009, customers returned merchandise for a credit of $26,000 to their accounts. High Value's 2009 income statement would report net sales of $ ____?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

High value 2009 income statement would report net sales of?

High Value Hardware began 2009 with a credit balance of $32,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were $955,000 and $600,000, respectively. High Value estimates that 9% of all sales will be returned. During 2009, customers returned merchandise for a credit of $26,000 to their accounts. High Value's 2009 income statement would report net sales of $ ____?
Transcribed Image Text:High Value Hardware began 2009 with a credit balance of $32,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were $955,000 and $600,000, respectively. High Value estimates that 9% of all sales will be returned. During 2009, customers returned merchandise for a credit of $26,000 to their accounts. High Value's 2009 income statement would report net sales of $ ____?
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS