Pacific Trading, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances $1,250,000 145,000 3,500 Allowance for uncollectible accounts 7,200 Sales discounts Sales returns 18,500 6,000 1. Determine total contra revenues for the company. 2. Determine net sales for the company.

Pacific Trading, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances $1,250,000 145,000 3,500 Allowance for uncollectible accounts 7,200 Sales discounts Sales returns 18,500 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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