The Do-It-Yourself Hardware began 2015 with a credit balance of $32,000 in the allowance for...
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Accounting
The Do-It-Yourself Hardware began 2015 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. The Do-It-Yourself estimates that 6% of all sales will be returned. During 2015, customers returned merchandise for credit of $28,000 to their accounts. The Do-It-Yourself's 2015 income statement would report net sales of
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