ACCT.PRINCIPLES (LL)-PACKAGE
14th Edition
ISBN: 9781119707103
Author: Weygandt
Publisher: WILEY
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Waiting for your solution general accounting question
ABC Electronics had sales to customers of $600,000 during
2020. The company has consistently experienced a 30%
gross profit percentage and estimates that 4% of all sales
will be returned. During 2020, customers returned
merchandise for credit of $20,000 to their accounts. The
balance in the allowance for sales returns account at the
beginning of 2020 was $28,000.
What is the balance in the allowance for sales returns
account at the end of 2020?
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