Calculate Waka's net sales for this period. Waka Company had cash sales of $78,275, credit sales of$97,450, sales returns and allowances of $1,500, and salesdiscounts of $4,875. Calculate Waka's net sales for this period.

To calculate Waka Company's net sales, use the following formula: Net Sales = Total Sales - Sales…

Answered: Waka Company had cash sales of $78,275,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prince Company had cash sales of $94,900, credit sales of $83,825, sales returns and allowances of $1,950, and sales discounts of $3,725. Prince's net sales for this period equal:
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Prentice Company had cash sales of $95,275, credit sales of $84,050, sales returns and allowances of $2,100, and sales discounts of $3,875. Prentice's net sales for this period equal: Multiple Choice $175,450 $177,225. $173,350. $179,325. $95,275.
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $80,000). Inventory turnover is 4 (average inventory is $5,000). Accounts receivable turnover is 7 (average accounts receivable is $6,000). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 7,100 Income tax expense 2,100 Net Income
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Waka Company had cash sales of $78,275, credit sales of $97,450, sales returns and allowances of $1,500, and sales discounts of $4,875. Calculate Waka's net sales for this period.