Business, 20.03.2020 05:41 zoelynn8386

Total gross sales for the period include the following:

Credit card sales (discount 2%) $9,200
Sales on account (2/15, n/60) $10,000

Sales returns related to sales on account were $200. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales?

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Total gross sales for the period include the following:

Credit card sales (discount 2%)...

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