The following transactions were selected from among those completed by Cadence R

Question

The following transactions were selected from among those completed by Cadence Retailers November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,500 (total); terms 2/10, n/30 25 Sold two items of merchandise to Customer C, who charged the $600 sales price on her Visa credit card. Visa charges Cadence Retailers a 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,500 (total); terms 2/10, n/30. 29 Customer D retumed one of the items purchased on the 28th; the item was defective, and credit 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. 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) sales

Explanation / Answer

Sales revenue $16,600 Less: Sales returns and allowances $950 Less: Sales discounts($9,500 - $950) x 2% $171 Less: Credit card discounts $12 Net sales $15,467

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