Neon Tech Corp. reported the following amounts at the end of the year: Description Total sales Accounts receivable Sales allowances Amount ($) 1,500,000 140,000 3,000 Allowance for uncollectible accounts 10,000 Sales discounts Sales returns Required: 18,000 6,000 1. Determine total contra revenues for the company. 2. Determine net sales for the company.

Neon Tech Corp. reported the following amounts at the end of the year: Description Total sales Accounts receivable Sales allowances Amount ($) 1,500,000 140,000 3,000 Allowance for uncollectible accounts 10,000 Sales discounts Sales returns Required: 18,000 6,000 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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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