Shea a regional jewelry store issues its own charge cards
Shea, a regional jewelry store, issues its own charge cards to customers. It bills its customers on the first day of every month for purchases made during the previous month. In addition, Shea accepts Visa and MasterCard, both of which charge a 1.8 percent processing fee. The following sales were made during the period:
Visa ....................... $ 5,490
MasterCard .................... 3,401
Shea card .................... 10,980
Cash sales .................... 2,695
Sales paid by check ................... 6,400
What is the net amount of cash received from the sales made during the period (assume 10% NSF checks)?
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