Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sale Returns
Total gross sales for the period include the following
Credit card sales (discount 3%) | $ 9.400 |
Sales on account (2115, n/(60) | $ 10.500 |
Sales return s related to sales on account were $500 All return s were made before payment. One half of the remaining sales on account were paid within the discount period. The company treat s all discounts and return s as contra-revenues. What amount will be reported on the income statement as net sales?
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