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Determine how much cash was collected from sales

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Reference no: EM13511875

Helmkamp Products sells golf clubs and accessories to pro shops. Gross sales in 2009 were $1,150,200 (Helmkamp's list price) on terms 3/15, n/45. Customers paid for $822,800 (Helmkamp's list price) of the merchandise within the discount period and the remaining $327,400 after the end of the discount period. Helmkamp records purchases and sales using the gross method to account for sales discounts.

Required:

1. Compute the amount of net sales.

2. Determine how much cash was collected from sales.

Reference no: EM13511875

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