Chapter 12, Problem 48P

If UPPA Company had net income of $561,600 in 2022 and it experienced a 17% increase in net income over 2021, what was its 2021 net income?

Ans

Monica company sells goods on credit. On one sale, they sold it for $20,000 and offered a 2/10, net 30 payment option. Two days after sale, the customer complained and they allowed them a $1,000 sales allowance. The customer paid the net amount within 8 days after the sale. The cash proceeds received by the seller are _.