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 in November and December Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10, n/30 card fee 25 Sold two items of merchandise to Customer C, who charged the $400 sales price on her Visa credit card. Visa charges Cadence Retailers a 2 peroent credt 2 merchandise to Customer D at an invoice price of $9,000 (total) terms 3/10, n/30 Sold 10 identical items of 29 Customer D retuned one of the tems purchased on the 28th, the Rem was defective, and credit was given to the customer 20 Customer B paid in full for the invoice of November 20. Dec. 6 Customer D paid the account balance in full Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credt Card Discounts are treated as contra-revenues, compute not round your intermediate caleulations.) net sales for the two months ended December 31. (D

Explanation / Answer

Sales Nov 20 sales 5500 Nov 25 sales 400 Nov 28 sales 9000 Total gross sales 14900 Less Sales return and allowance 900 (9000*1/10) Less Sales discount 243 (8100*3%) Less Credit card discounts 8 (400*2%) Net sales 13749

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