MBC, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances $890,000 80,000 500 Allowance for uncollectible accounts 4,200 Sales discounts Sales returns 10,000 1,000 1. Determine total contra revenues for the company. 2. Determine net sales for the company.

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 44E: Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note:...
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MBC, Inc., reported the following amounts at the end of the year:
Total sales
Accounts receivable
Sales allowances
$890,000
80,000
500
Allowance for uncollectible accounts 4,200
Sales discounts
Sales returns
10,000
1,000
1. Determine total contra revenues for the company.
2. Determine net sales for the company.
Transcribed Image Text:MBC, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances $890,000 80,000 500 Allowance for uncollectible accounts 4,200 Sales discounts Sales returns 10,000 1,000 1. Determine total contra revenues for the company. 2. Determine net sales for the company.
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