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Answer:
The amount that will be reported on the income statement as net sales is $2,940 and as gross profit is $940.
Explanation:
Given:
Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60.
If the customer pays within the discount period.
Now, to find the amount reported on the income statement as net sales and as gross profit.
Cost of merchandise = $2,000.
As, merchandise sold for $3,000.
So, to get the net sales we deduct the discount:
Merchandise on terms 2/30, n/60.
[tex]3,000-2\%\ of\ 3000\\\\=3,000-\frac{2}{100}\times 3000\\\\=3,000-0.02\times 3000\\\\=3,000-60\\\\=\$2,940.[/tex]
Thus, the net sales is $2,940.
Now, to get the gross profit we subtract cost of merchandise from net sales:
[tex]\$2,940-\$2,000\\\\=\$940.[/tex]
Hence, gross profit is $940.
Therefore, the amount that will be reported on the income statement as net sales is $2,940 and as gross profit is $940.
If merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit will be:
- Net sales $2,940
- Gross profit $940
Calculation for Net sales using this formula
Net Sales= Sales - Discount
Let plug in the formula
Net sales=$3,000 - ($3,000×2%)
Net sales=$3,000 - $60
Net sales=$2,940
Calculation for Gross profit using this formula
Gross profit=Net sales-Merchandize
Let plug in the formula
Gross profit=$2,940-$2,000
Gross profit=$940
Inconclusion if merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit will be:
- Net sales $2,940
- Gross profit $940
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