Question: The Rust Corporation has gathered the following information for activities

The Rust Corporation has gathered the following information for activities during 2010:
Credit sales ......................................................................................... $ 3,500,000
Cash sales ............................................................................................ 1,100,000
Sales discounts ..................................................................................... 35,000
Sales returns and allowances ................................................................ 150,000
Uncollectible account written off ......................................................... 5,000
Beginning accounts receivable balance ................................................ 70,000
Ending accounts receivable balance ..................................................... 50,000
Required
A. Calculate net sales during 2010.
B. Calculate estimated cash receipts from customers during 2010.

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  • CreatedMarch 25, 2015
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