Merchandise costing $1,600 is sold for $2,600 on terms 2/30, n/60. If the customer pays...
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Accounting
Merchandise costing $1,600 is sold for $2,600 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?
Net sales:
Gross Profit:
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