Fairview Corporation, a manufacturer of mobile phones, sold one hundred units of its deluxe phones to one

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Fairview Corporation, a manufacturer of mobile phones, sold one hundred units of its deluxe phones to one of its best retail customers. Fairview's total selling price of the one hundred phones was $72,000. The terms of the sale are 2/10 and n/30.

How much should be reported as "net sales," assuming the receivable is collected on the EIGHTH day after the sale?

Related Book For answer-question

Principles of Accounting

ISBN: 978-1133626985

12th edition

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

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Posted Date: Apr 03, 2024 03:38 AM

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Fairview Corporation, a manufacturer of mobile phones, sold one hundred units of its deluxe phones to one

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To calculate the net sales amount we need to consider the discount offe... View the full answer

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