What amount will be reported on the income statement

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Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns  Total gross sales for the period include the following:

Credit card sales (discount 3%) $9,400

Sales on account (2/15, n/60) $12,000

Sales returns related to sales on account were $650. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues.

Problem 1: What amount will be reported on the income statement as net sales? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Reference no: EM132652474

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