Question: During the months of January and February Solitare Corporation sold

During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows:
Jan. 6 Sold goods for $ 100 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $ 70.
6 Sold goods to Spyder Corp. for $ 80 with terms 2/10, n/30. The goods cost Solitare $ 60.
14 Collected cash due from Wizard Inc.
Feb. 2 Collected cash due from Spyder Corp.
28 Sold goods for $ 50 to Bridges with terms 2/10, n/45. The goods cost Solitare $ 30.
Required:
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28.

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  • CreatedNovember 02, 2015
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