The following transactions were selected from among those completed by Bear’s Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $470 sales price in cash. The goods cost Bear’s $350. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,500 (total); terms 3/10, n/30. The goods cost Bear’s $2,750. November 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $6,500 (total); terms 3/10, n/30. The goods cost Bear’s $4,250. November 29 Nancy’s Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy’s Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the Net Sales to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
The following transactions were selected from among those completed by Bear’s Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $470 sales price in cash. The goods cost Bear’s $350. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,500 (total); terms 3/10, n/30. The goods cost Bear’s $2,750. November 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $6,500 (total); terms 3/10, n/30. The goods cost Bear’s $4,250. November 29 Nancy’s Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy’s Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the Net Sales to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following transactions were selected from among those completed by Bear’s Retail Store:
| November 20 | Sold two items of merchandise to Cheryl Jahn, who paid the $470 sales price in cash. The goods cost Bear’s $350. |
|---|---|
| November 25 | Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,500 (total); terms 3/10, n/30. The goods cost Bear’s $2,750. |
| November 28 | Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $6,500 (total); terms 3/10, n/30. The goods cost Bear’s $4,250. |
| November 29 | Nancy’s Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. |
| December 6 | Nancy’s Gym paid the account balance in full. |
| December 30 | Vasko Athletics paid in full for the invoice of November 25. |
Required:
Compute the Net Sales to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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