False Value Hardware began 2021 with a credit balance of $31,300 in the refund liability...
60.1K
Verified Solution
Link Copied!
Question
Accounting
False Value Hardware began 2021 with a credit balance of $31,300 in the refund liability account. Sales and cash collections from customers during the year were $720,000 and $680,000, respectively. False Value estimates that 8% 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: Multiple Choice $662,400. $695,000. $688,700. $713,700
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
