Total gross sales for the period include the following:
Credit card sales (discount 3%)$9,500Sales on
account (2/15, n/60)$11,100
Sales returns related to sales on account were $200. 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?
net sales ?