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Newark Company has provided the following information: Cash sales, $470,000 Credit sales, $1,370,000 Selling and administrative...

Newark Company has provided the following information: Cash sales, $470,000 Credit sales, $1,370,000 Selling and administrative expenses, $350,000 Sales returns and allowances, $92,000 Gross profit, $1,380,000 Increase in accounts receivable, $57,000 Bad debt expense, $35,000 Sales discounts, $45,000 Net income, $1,030,000 How much are Newark's net sales?

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Answer #1

Newark's net sales

Newark's net sales = Cash sales + Credit sales - Sales returns and allowances – Sales discounts

= $470,000 + $1,370,000 - $92,000 - $45,000

= $1,703,000

“Hence, the Newark's net sales will be $1,703,000”

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