Business, 26.10.2021 16:10 lujaynsparkles
False Value Hardware began 2021 with a credit balance of $32,500 in the refund liability account. Sales and cash collections from customers during the year were $640,000 and $600,000, respectively. False Value estimates that 7% of all sales will be returned. During 2021, customers returned merchandise for credit of $25,000 to their accounts. False Value Hardware's 2021 income statement would report net sales of:
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False Value Hardware began 2021 with a credit balance of $32,500 in the refund liability account. Sa...
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