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How much will be reported for the sales discount forfeited

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Reference no: EM132959021

Question - Following are information related to Accounts Receivable.

a) The company records sales and receivables at net, with terms (3/10, n/30).

b) Actual sales returns amounted to 35,000 for the year. The company estimated that 3% of the recorded sales will be returned.

c) The quarterly Sales at invoice price as follows:

January- March 1,500,000.00

April- June 750,000.00

July- September 1,200,000.00

October- December 1,950,000.00

d) Of the last quarter sales above 220,000 is still outstanding and within the discount period, 198,000 of which already made payments. The company's existence is that 95% of gross sales avail of their cash discounts. This rate has been consistently observed by the company.

e) There are no past due accounts from January to November

How much will be reported for the following as of December 31, 2020:

1) Net Sales

2) Sales Discount Forfeited

3) Sales Returns

4) Net Realizable Value of Accounts Receivable

Reference no: EM132959021

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