Quiz - Chapter 10 - Gross Sales 750,000 Returns (25,000) CC...

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Unformatted text preview: Gross Sales 750,000 Returns (25,000) CC Discount (2,000) Net Sale 723,000 Quiz Chapter 10 1. Thornton Corporation has the following information regarding its Sales for the period beginning January 1, 2010 and ending December 31, 2010: $100,000 of sales paid in cash; $200,000 of sales on Credit Cards; and $450,000 of Sales on Account. In addition, during the period there are returns of $25,000, Cost of Goods Sold of $300,000, Operating Expenses of $72,000, Cash Flow from Operations of $565,000 and the Credit Card companies charge Thornton a processing fee of 1% (considered a Credit Card Discount) for all of Thorntons Credit Card sales. The returns are related to the credit sales. What is the amount of Net Sales for the period? a. $725,000 b. $750,000 c. $351,000 d. $723,000 e. None of the above 2. Thornton Corporation has the following information regarding its Sales for the period beginning January 1, 2010 and ending December 31, 2010: $100,000 of sales paid in cash; $200,000 of sales on Credit Cards; and $450,000 of Sales on Account. In addition, during the $200,000 of sales on Credit Cards; and $450,000 of Sales on Account....
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Quiz - Chapter 10 - Gross Sales 750,000 Returns (25,000) CC...

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