Chapter 14, Problem 1BTN

Financial Accounting

Accounting answer with correct

Please provide the correct answer to this general accounting problem using valid calculations.

General Accounting Question

What is the number of days sales in account receivable?

Accounting MCQ 27

Gentry Co. reported total gross sales of $320,000, with 60% of these being credit sales. Sales returns and allowances of $18,000 apply only to the credit sales. A 1.5% sales discount was taken on all net credit sales. Additionally, credit card sales amounted to $110,000 and were subject to a 2.5% credit card fee. What is the dollar amount of net sales?

Can you please provide solution this general accounting question?

Given the solution and accounting