0.90 points The following transactions were selected from among those completed
ID: 2521577 • Letter: 0
Question
0.90 points The following transactions were selected from among those completed by Cadence Retailers in 2013 Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,500 (total); terms 2/10, 25 Sold two items of merchandise to Customer C, who charged the $600 sales price on 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total); terms 29 Customer D returned one of the items purchased on the 28th; the item was defective, and credit credit card. Visa charges Cadence Retailers a 1 percent credit card fee. 2/10, n/30. was given to the customer Dec. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20, 2013. Required Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31, 2013. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) eBook & ResourcesExplanation / Answer
Calculation of Net Sales:
NOV 20: Sales - $6500
Nov 25 Sales - $594 ($600-1%)
Nov 28 Sales - $9000
Nov 29 Sales Return- ($900) (9000/10)
Dec 6 Sales Discount - ($162) ((9000-900)*2%)
Dec 20 Sales Discount - -
Net Sales = $15032
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