Merchandise costing $2,700 is sold for $3,700 on terms 1/30, n/60. If the customer pays within...
Merchandise costing $2,700 is sold for $3,700 on terms 1/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?
Net Sales
Gross Profit
Homework Answers
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Net Sales = Sales - Discount = 3,700 - 1% = 3,663 |
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Gross profit = Net sales - Cost of Goods Sold = 3,663 - 2,700 = 963 |
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