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# False Value Hardware began 2013 with a credit balance of \$31-200 in th.docx

False Value Hardware began 2013 with a credit balance of \$31,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$620,000 and \$580,000, respectively. False Value estimates that 7% of all sales will be returned. During 2013, customers returned merchandise for credit of \$25,000 to their accounts.
Solution
Solution:

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False Value Hardware began 2013 with a credit balance of \$31,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$620,000 and \$580,000, respectively. False Value estimates that 7% of all sales will be returned. During 2013, customers returned merchandise for credit of \$25,000 to their accounts.
Solution
Solution:

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### False Value Hardware began 2013 with a credit balance of \$31-200 in th.docx

1. 1. False Value Hardware began 2013 with a credit balance of \$31,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$620,000 and \$580,000, respectively. False Value estimates that 7% of all sales will be returned. During 2013, customers returned merchandise for credit of \$25,000 to their accounts. False Value Hardware began 2013 with a credit balance of \$31,200 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$620,000 and \$580,000, respectively. False Value estimates that 7% of all sales will be returned. During 2013, customers returned merchandise for credit of \$25,000 to their accounts. False Value's 2013 income statement would report net sales of? Solution Solution: Sales 620000 Sales return (7% * 620000) 43400 Net sales (Sales - sales return) 576600