Business, 14.03.2020 04:02 amuijakobp78deg

False Value Hardware began 2016 with a credit balance of $32,000 in the allowance for sales returns account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. False Value estimates that 6% of all sales will be returned. During 2016, customers returned merchandise for credit of $28,000 to their accounts. False Value's 2016 income statement would report net sales of:
$622,000.
$607,000.
$646,000.
$611,000.

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False Value Hardware began 2016 with a credit balance of $32,000 in the allowance for sales returns...

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