Question: Total gross sales for the period include the following:
Credit card sales (discount 3%) $9,500
Sales 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.
Required: What amount will be reported on the income statement as net sales?
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