assume sam sell 2500 books on account for 11 each, Financial Accounting

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assume sam sell 2500 books on account for 11 each

Assume sam sell 2500 books on account for $11 each (cost these book is $16500) on 10^th October, 2012. One hundred of these books (cost $660) were damaged in shipment, so muddyriver later got the damaged goods as sales return on 13^th October, 2012. then the customer paid the balance on 22^nd October, 2012. Credit terms provided to the customer were 2/15, net 60.

1. Determine net sales for October 2012

2. Evaluate gross profit for October 2012

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Financial Accounting: assume sam sell 2500 books on account for 11 each

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