The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1....
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Accounting
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $15,000 was sold for $27,000 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $660. The merchandise had cost Ozark $400. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $2,835. 5. Interest expense paid amounted to $200. 6 . Land that had cost $6,000 was sold for $6,900 cash. Required: a. Determine the amount of net sales. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Prepare a multistep income statement. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign
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