Merchandise costing $2,500 is sold for $3,500 on terms 1/30, n/60. If the customer pays within...
Merchandise costing $2,500 is sold for $3,500 on terms 1/30, 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:
Homework Answers
Net Sales = Sales - Discount
= 3500 - (3500*1%)
= 3465
Gross profit = Net sales - Cost of Goods Sold
= 3465 - 2500
= 965
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