Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns Total gross sales for the
Question:
Total gross sales for the period include the following:
Credit card sales (discount 3%) $ 9,400
Sales on account (2/15, n/60) $10,500
Sales returns related to sales on account were $500. All returns were made before payment. Onehalf 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?
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Credit card sales R 9400 Less Credit card discount ...View the full answer
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Gauri Hendre
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