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Matthews Distributors is an award winning beverage distributor in the state of lowa. For the current year, Matthews Distributors has the following transactions: total beverage sales = $560,000; sales discounts = $10,500; sales returns = $31,000; sales allowances = $11,000. In addition, at the end of the year the company estimates the following transactions associated with beverage sales in the current year will occur next year: sales discounts = $1,050; sales returns = $3,720; sales allowances = $1,470. Compute net sales. Total sales Net sales

Matthews Distributors is an award winning beverage distributor in the state of lowa. For the current year, Matthews Distributors has the following transactions: total beverage sales = $560,000; sales discounts = $10,500; sales returns = $31,000; sales allowances = $11,000. In addition, at the end of the year the company estimates the following transactions associated with beverage sales in the current year will occur next year: sales discounts = $1,050; sales returns = $3,720; sales allowances = $1,470. Compute net sales. Total sales Net sales

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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Matthews Distributors is an award winning beverage distributor in the state of lowa. For the current year, Matthews Distributors has the following transactions: total beverage sales = $560,000; sales discounts = $10,500; sales returns = $31,000; sales allowances = $11,000. In addition, at the end of the year the company estimates the following transactions associated with beverage sales in the current year will occur next year: sales discounts = $1,050; sales returns = $3,720; sales allowances = $1,470. Compute net sales. Total sales Net sales
Transcribed Image Text:Matthews Distributors is an award winning beverage distributor in the state of lowa. For the current year, Matthews Distributors has the following transactions: total beverage sales = $560,000; sales discounts = $10,500; sales returns = $31,000; sales allowances = $11,000. In addition, at the end of the year the company estimates the following transactions associated with beverage sales in the current year will occur next year: sales discounts = $1,050; sales returns = $3,720; sales allowances = $1,470. Compute net sales. Total sales Net sales
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