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False Value Hardware began 2013 with a credit balance of \$31-600 in th.docx

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False Value Hardware began 2013 with a credit balance of \$31-600 in th.docx

False Value Hardware began 2013 with a credit balance of \$31,600 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$740,000 and \$700,000, respectively. False Value estimates that 4% of all sales will be returned. During 2013, customers returned merchandise for credit of \$23,000 to their accounts.
Solution
Solution:
Net Sales = Sales - Allowance for Sales Returns
Net Sales = 740,000 - (740,000*4%)
= 740,000 - 29,600
= 710,400.
Net Sales = \$710,400.
.

False Value Hardware began 2013 with a credit balance of \$31,600 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$740,000 and \$700,000, respectively. False Value estimates that 4% of all sales will be returned. During 2013, customers returned merchandise for credit of \$23,000 to their accounts.
Solution
Solution:
Net Sales = Sales - Allowance for Sales Returns
Net Sales = 740,000 - (740,000*4%)
= 740,000 - 29,600
= 710,400.
Net Sales = \$710,400.
.

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False Value Hardware began 2013 with a credit balance of \$31-600 in th.docx

1. 1. False Value Hardware began 2013 with a credit balance of \$31,600 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$740,000 and \$700,000, respectively. False Value estimates that 4% of all sales will be returned. During 2013, customers returned merchandise for credit of \$23,000 to their accounts. False Value Hardware began 2013 with a credit balance of \$31,600 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$740,000 and \$700,000, respectively. False Value estimates that 4% of all sales will be returned. During 2013, customers returned merchandise for credit of \$23,000 to their accounts. False Value's 2013 income statement would report net sales of: Solution Solution: Net Sales = Sales - Allowance for Sales Returns Net Sales = 740,000 - (740,000*4%) = 740,000 - 29,600 = 710,400. Net Sales = \$710,400.