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M6-2 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 4%) Sales on account (3/15, n/60) Sales returns related to sales on account were $500. 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net sales $ $ 9,700 $ 10,600 19,260.50

M6-2 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 4%) Sales on account (3/15, n/60) Sales returns related to sales on account were $500. 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net sales $ $ 9,700 $ 10,600 19,260.50

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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M6-2 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 4%) Sales on account (3/15, n/60) Sales returns related to sales on account were $500. 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net sales $ $ 9,700 $ 10,600 19,260.50
Transcribed Image Text:M6-2 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 4%) Sales on account (3/15, n/60) Sales returns related to sales on account were $500. 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net sales $ $ 9,700 $ 10,600 19,260.50
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