M6-2 (Algo) Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns LO6-1 Total gross sales for the period include the following: Credit card sales (discount 31) $8,800 $10,200 Sales on account (1/15, n/60) Sales returns related to sales on account were $250. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Net sales $ 18,550.00

M6-2 (Algo) Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns LO6-1 Total gross sales for the period include the following: Credit card sales (discount 31) $8,800 $10,200 Sales on account (1/15, n/60) Sales returns related to sales on account were $250. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Net sales $ 18,550.00

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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