Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. total gross sales for the period include the follo

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

60.1K

Verified Solution

Question

Accounting

image
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.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Fama's Llamas has a weighted average cost of capital of 11.5 percent. The company's cost of...

Finance
Q

Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer...

Basic Math
Q

1) Oxidation refers to... a) an increase in Oxidation number. b) a decrease in Oxidation number. c)an...

Chemistry
Q

1.) Discuss the concept of an alias signal and how do we prevent this from occurring. 2.)...

Electrical Engineering
Q

Topic: Environmental Ethics (many different issues you can explore, such as climate change, saving bees, factory...

Psychology
Q

On January 1, Frank bought a used car for $7200 and agreed to pay for it...

Electrical Engineering
Q

advantages that plants gain by using this 2 phase life cycle 1 pt ANSWER b...

Biology
Q

0 7 Round each number to the nearest whole number 1 4 3 9 2...

Basic Math
Q

Find m2T n 10 T 10 S

Algebra
Q

Suppose this information is available for PepsiCo, Inc. for 2020,2021, and 2022. ...

Accounting
Q

The management of Wengel Corporation is considering dropping product B90D. Data from the company's accounting...

Accounting
Q

QS 15-5 Labor journal entries LO P2 During the current month, a company that uses...

Accounting