Chapter 8, Problem 8.20E

GRS,Inc.,reported the following amounts at the end of the year:

Assume that markup is based on the cost

Better Value Hardware began 2010 with a credit balance of $37,500 in the allowance for sales returns account. Sales and cash collections from customers during the year were $1,025,000 and $675,000, respectively. Better Value estimates that 8% of all sales will be returned. During 2010, customers returned merchandise for a credit of $31,000 to their accounts. Better Value's 2010 income statement would report net sales of $__?

general accounting

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Could you help me solve this financial accounting question using appropriate calculation techniques?

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