Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns LO6-1 Total gross sales for...
Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns LO6-1
Total gross sales for the period include the following:
| Credit card sales (discount 3%) | $ | 8,600 |
| Sales on account (2/15, n/60) | $ | 9,900 |
Sales returns related to sales on account were $200. 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?
Homework Answers
Calculate Net Sales :
| Gross Sales (8600+9900) | 18500 | |
| Less: Credit Card discount (8600*3%) | 258 | |
| Less: Sales discount (9700*1/2*2%) | 97 | |
| Less: Sales return | 200 | 555 |
| Net Sales | 17945 | |
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