Johnson Electronics reported gross sales totaling $300,000, with 60% of the sales made on credit. Sales returns and allowances of $10,000 were applied to the credit sales. A 2.5% sales discount was offered on all net credit sales. Additionally, $120,000 of cash sales were subject to a 2% credit card discount. What is the dollar amount of net sales? a. $265,500 b. $280,000 c. $283,350 d. $275,000

Johnson Electronics reported gross sales totaling $300,000, with 60% of the sales made on credit. Sales returns and allowances of $10,000 were applied to the credit sales. A 2.5% sales discount was offered on all net credit sales. Additionally, $120,000 of cash sales were subject to a 2% credit card discount. What is the dollar amount of net sales? a. $265,500 b. $280,000 c. $283,350 d. $275,000

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 9P: Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were 4,562,500 and...

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