Total gross sales for the period include the following:

Credit card sales (discount 2%) $9,200
Sales on account (2/15, n/60) $10,000

Sales returns related to sales on account were $200. 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?

redit Card Sales:

Gross Sales = $10,300

Credit Card Discount = 2%*$10,300

Credit Card Discount = $206

Net Credit Card Sales = Gross Sales - Credit Card Discount

Net Credit Card Sales = $10,300 - $206

Net Credit Card Sales = $10,094

Sales on Account:

Gross Credit Sales = $10,600

Credit Sales Return = $200

Half of remaining sales were paid within the discount period.

Credit Sales Discount = $10,400*50%*2%

Credit Sales Discount = $104

Net Credit Sales = Gross Credit Sales - Credit Sales Return - Credit Sales Discount

Net Credit Sales = $10,600 - $200 - $104

Net Credit Sales = $10,296

Total Net Sales = $10,094 + $10,296

Total Net Sales = $20,390

So, Net Sales of $20,390.00 will be reported in income statement.

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the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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