Total gross sales for the period include the following: Credit card sales (discount 2%) Sales on...

Transcribed Image Text:

Total gross sales for the period include the following: Credit card sales (discount 2%) Sales on account (1/15, n/60) $8,700 $10,900 Sales returns related to sales on account were $650. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Net sales Total gross sales for the period include the following: Credit card sales (discount 2%) Sales on account (1/15, n/60) $8,700 $10,900 Sales returns related to sales on account were $650. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Net sales