Question

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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