? Secure https//newconnect.mheducat Help Save&Exits; Ch. 7 Assessment False Valu

Question

? Secure https//newconnect.mheducat Help Save&Exits; Ch. 7 Assessment False Value Hardware began 2018 with a credit balance of $32.000 in the allowance for sales returns account Sales and cash collections from customers during the year were $650,000 and $610,000, respectively False Value estimates that 6% of all sales will be returned. During 2018, customers returned merchandise for credit of $28,000 to their accounts False Value Hardware's 2018 income statement would report net sales of 0259.17 elook Multiple Choice $607000 $622.000 $611,000 o l Next O Type bere to search

Explanation / Answer

Ans. Option 3rd $611,000 *Calculation: Net Sales = Total sales - Sales return 650000 - 39000 611000 *Sales return = 650000 * 6% 39000

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