Required information CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6]   [The following information applies to the questions displayed below.]   Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:     a. Sold merchandise for cash (cost of merchandise $152,590). $ 276,700   b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $810).   1,610   c. Sold merchandise (costing $9,450) to a customer on account with terms n/30.   21,000   d. Collected half of the balance owed by the customer in (c).   10,500   e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.   1,820       CP6-3 Part 1 Required: Compute Net Sales and Gross Profit for Campus Stop.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Required information

CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6]

 

[The following information applies to the questions displayed below.]

 

Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:

 

 
a. Sold merchandise for cash (cost of merchandise $152,590). $ 276,700  
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $810).   1,610  
c. Sold merchandise (costing $9,450) to a customer on account with terms n/30.   21,000  
d. Collected half of the balance owed by the customer in (c).   10,500  
e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.   1,820  
 

 

CP6-3 Part 1

Required:

  1. Compute Net Sales and Gross Profit for Campus Stop.
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