Total gross sales for the period include the following:
credit card sales (discount 3%) $ 9,400
sales on account (2/15, n/60) $ 12,000
sales returns related to sales on account were $650. all returns were made before payment. one-half of the remaining sales on account were paid within the discount period. the company treats all discounts and returns as contra-revenues. what amount will be reported on the income statement as net sales?

If all returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. The amount that  will be reported on the income statement as net sales is $20,354.5

First step is to calculate the Total sales

Total sales = $9,400 + $12,000

Total sales = $21,400

Second step is to calculate the discount

Discount= [(($12,000 - $650)÷2×2%) + ($9,400×3%]

Discount=$113.5+$282

Discount=$395.5                                      

Now let determine the amount that will be reported on the income statement as net sales

Net sales= $21,400 - $650-$395.5

Net sales=  $20,354.50

Inconclusion if all returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. The amount that  will be reported on the income statement as net sales is $20,354.5

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The $20,354.50 will be reported on the income statement as net sales

Explanation:

The computation of the net sales is shown below:

= Total sales -  discount on credit card sales - sales discount - sales return

where,

total sales = Credit card sales + sales on account

                = $9,400 + $12,000

                = $21,400

Discount on credit card sales = Credit card sales × discount

                                                 = $9,400 × 3%

                                                 = $282

Sales discount = (Sales on account - sales return × 0.5(Half payment) × 2%)

= ($12,000 - $650) × 0.5 × 2%

= $113.50

And, the sales return = $650

Now  put these values to  the above formula,

So the values equal to

= $21,400 - $282 - $113.50 -  $650

=  $20,354.50

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know