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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.

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.

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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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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