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Newark Company has provided the following information:
Cash sales, $520,000
Credit sales, $1,420,000
Selling and administrative expenses, $400,000
Sales returns and allowances, $97,000
Gross profit, $1,430,000
Increase in accounts receivable, $62,000
Bad debt expense, $40,000
Sales discounts, $50,000
Net income, $1,030,000
How much are Newark's net sales?
$1,753,000.
$1,878,000.
$1,793,000.
$1,940,000.
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