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23 January, 19:31

If Johnson, Inc. sold $800,000 worth of merchandise, had $100,000 returned, and then the balance paid during the 1% discount period, how much was Johnson's net sales? a. $692,000 b. $693,000 c. $700,000 d. $800,000

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  1. 23 January, 22:26
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    correct answer is a. $692,000

    Explanation:

    given data

    sold worth of merchandise = $800,000

    returned = $100,000

    discount period = 1%

    solution

    we get here net sales that is express as

    Net sales = Gross sales - Sales return ... 1

    Net sales = $800,000 - $100,000 = $700,000

    and here we considered for calculating Net sale is 1 %

    so Net sales = $700,000 - 0.01 (700,000)

    Net sales = $693,000

    so correct answer is a. $692,000
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