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Total gross sales for the period include the following: Sales returns...

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Accounting

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Total gross sales for the period include the following: Sales returns related to sales on accolnt were $700. 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Total gross sales for the period include the following: Sales returns related to sales on accolnt were $700. 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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