Answer:
redit Card Sales:
Gross Sales = $10,300
Credit Card Discount = 2%*$10,300
Credit Card Discount = $206
Net Credit Card Sales = Gross Sales - Credit Card Discount
Net Credit Card Sales = $10,300 - $206
Net Credit Card Sales = $10,094
Sales on Account:
Gross Credit Sales = $10,600
Credit Sales Return = $200
Half of remaining sales were paid within the discount period.
Credit Sales Discount = $10,400*50%*2%
Credit Sales Discount = $104
Net Credit Sales = Gross Credit Sales - Credit Sales Return - Credit Sales Discount
Net Credit Sales = $10,600 - $200 - $104
Net Credit Sales = $10,296
Total Net Sales = $10,094 + $10,296
Total Net Sales = $20,390
So, Net Sales of $20,390.00 will be reported in income statement.
