Question: Help Save & Exit Submit False Value Hardware began 2018 with a credit balance of $31,800 in the allowance for sales returns account. Sales and

Help Save & Exit Submit False Value Hardware began 2018 with a credit balance of $31,800 in the allowance for sales returns account. Sales and cash collections from customers during the year were $700,000 and $660,000, respectively. False Value estimates that 5% of all sales will be returned. During 2018, customers returned merchandise for credit of $20,000 to their accounts. False Value Hardware's 2018 income statement would report net sales of (8 02:40:07 Multiple Choice O $688.200 O $680,000 O $665,000 $668.200

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