Determine amount of net sales, Accounting Basics

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Determine amount of net sales

Problem:

Dorman Co. sold merchandise to Smith Co. on account, $23,500, terms 2/15, net 45. The cost of the merchandise sold is $16,000. Dorman Co. issued a credit memo for $1,750 for merchandise returned that originally cost $1,400. The Smith Co. paid the invoice within the discount period.

Required:

Question: What is amount of net sales from the above transactions?

a. $21,315
b. $13,808
c. $21,750
d. $23,030

Note: Please provide through step by step calculations.

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Accounting Basics: Determine amount of net sales

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Accounting Basics: Determine amount of net sales

Reference No:- TGS0882342

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Accounting Basics: Determine amount of net sales

Reference No:- TGS0882342

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