Total gross sales for the period include the following: Credit card sales (discount 34) Sales on account (2/15, n/60) $10,000 $10,200 Sales returns related to sales on account were $250. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. $19.950.00 Net sales

Total gross sales for the period include the following: Credit card sales (discount 34) Sales on account (2/15, n/60) $10,000 $10,200 Sales returns related to sales on account were $250. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. $19.950.00 Net sales

Name: M6-2 (Algo) Reporting Net Sales with Sales Discounts, Credit Card Dis
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: M6-2 (Algo) Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns L06-1Total gross sales for the period include the following:Credit card sales (discount 34)Sales on account (2/15, n/60)$10,000$10,200Sales returns relate

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Blossom Company provides the following information for the month ended October 31, 2022: sales on credit $280,100, cash sales $100,100, sales discounts $5,100, and sales returns and allowances $10,100.Prepare the sales section of the income statement based on this information. BLOSSOM COMPANYIncome Statement (Partial)choose the accounting period For the Year Ended October 31, 2022For the Month Ended October 31, 2022October 31, 2022 select an opening section name DrawingsExpensesNet Income / (Loss)SalesTotal ExpensesTotal RevenuesNet SalesOwner's Capital, October 1Owner's Capital, October 31Cost of Goods SoldGross Profit select an item $enter a dollar amount select between addition and deduction AddLess: select an item $enter a dollar amount select an…
A company reports the following sales-related information. Sales, gross Sales discounts $ 270,000 Sales returns and allowances 5,400 Sales salaries expense Net sales Prepare the net sales portion only of this company's multiple-step income statement. $ 17,000 11,400 Multiple-Step Income Statement (Partial)
Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…
Use the following to answer questions 6 – 7 MC, Inc., reported the following amounts at the end of the year: Total sales $888,000 Accounts receivable Sales allowances 60,000 3,500 Allowance for Uncollectible accounts 1,400 Sales discounts 18,000 9,000 Sales returns Determine total contra revenues for $ the company 6. 7. $ Determine net sales for the company
Sheridan Company provides the following information for the month ended October 31, 2022: sales on credit $366,100, cash sales $108,300, sales discounts $5,100, and sales returns and allowances $12,900.Prepare the sales section of the income statement based on this information.
Dapper Hat Makers Company sells merchandise on credit. During the fiscal year ended July 31, the company had net sales of $2,300,000. At the end of the year, it had Accounts Receivable of $600,000 and a debit balance in Allowance for Uncollectible Accounts of $3,400. In the past, approximately 1.4 percent of net sales have proved to be uncollectible. Also, an aging analysis of accounts receiv- able reveals that $30,000 of the receivables appears to be uncollectible. Prepare journal entries to record uncollectible accounts expense using (a) the percentage of net sales method and (b) the accounts receivable aging method. (c) what is the resulting balance of allowance for uncollecible accounts under each method? how woukd your answer under each method change if allowance for uncollectible accounts had a credit balance of $3,400 instead of a debit balance? why do the methods result in different balances?
The company has an unadjusted debit balance in Accounts Receivable of $25,000 and an unadjusted credit balance of $10 in Allowance for Sales Discounts as of December 31. Of the $25,000 of receivables, $10,000 are within a 2% discount period that the company expects the buyers to take. Note: Enter debits before credits. Date 12/31 General Journal Debit Credit
Mifflin Company reported the following for the current year: Net sales $ 60,000 Cost of goods sold 38,000 Beginning balance in accounts receivable 14,000 Ending balance in accounts receivable 6,000 Compute (a) accounts receivable turnover and (b) days’ sales uncollected. Compute the accounts receivable turnover. Accounts Receivable Turnover Numerator: / Denominator: = Accounts Receivable Turnover / = Accounts receivable turnover / = times Compute the days’ sales uncollected. Days' Sales Uncollected Numerator: / Denominator: × Days = Days' Sales Uncollected / × = Days' sales uncollected / × = days
Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021
The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $106,000 $113,000 $120,600 Sales on account 602,250 584,000 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts $121,000 5,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 5/10, n/30 (assume a unit sales price of $600 in all transactions). Transactions during current year: a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $8,500. c. Sold merchandise to K. Miller; invoice price, $40,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $22,000. f. R. Smith paid his account in full within the discount period. g. Collected $90,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount…
Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. V: HOYT COMPANY Income Statement (Partial) $ 4