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Mnenie [13.5K]
3 years ago
12

During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as foll

ows:
Jan.
6 Sold goods for $1,400 to S. Green and billed that amount subject to terms 3/10, n/30.
6 Sold goods to M. Munoz for $690 and billed that amount subject to terms 3/10, n/30.
14 Collected cash due from S. Green. Feb. 2 Collected cash due from M. Munoz.
28 Sold goods for $400 to R. Reynolds and billed that amount subject to terms 3/10, n/45.

Required:
Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28.
Business
1 answer:
hram777 [196]3 years ago
5 0

Answer:

the net sales for the two months is $2,448

Explanation:

The computation of the net sales for the two months is shown below:

= Sale made on Jan 6 + sale made on Jan 6 + sales made on Feb 28 - discount on sale made on Jan 6

= $1,400 + $690 + $400 - ($1,400 × 3%)

= $2,490 - $42

= $2,448

hence, the  net sales for the two months is $2,448

The same is to be considered

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