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M6-12 Reporting Net Sales and Gross Profit with Sales Discounts [LO 6-6] ...

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Accounting

M6-12 Reporting Net Sales and Gross Profit with Sales Discounts [LO 6-6]

Merchandise costing $3,000 is sold for $4,000 on terms 2/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?

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