C Company reported the following balances at June 30, the end of the fiscal year: Sales $10,800 Sales Returns and Allowances 400 Sales Discounts 200 Cost of Goods Sold 5,000 Net sales for the month would be Select one: a. $5,200 b. $10,200 c. $10,400 d. $10,800 e. None of the above g

Question

Business

Anna Perkins

22 January, 11:46

C Company reported the following balances at June 30, the end of the fiscal year: Sales $10,800 Sales Returns and Allowances 400 Sales Discounts 200 Cost of Goods Sold 5,000 Net sales for the month would be Select one: a. $5,200 b. $10,200 c. $10,400 d. $10,800 e. None of the above g

+3

Answers (1)

Know the Answer?

Andrew · Answer 1

Option (b) is correct.

Explanation:

Given that,

Balances at June 30, the end of the fiscal year:

Sales = $10,800

Sales Returns and Allowances = $400

Sales Discounts = $200

Cost of Goods Sold = $5,000

Net sales for the month:

= Sales - Sales Returns and Allowances - Sales Discounts

= $10,800 - $400 - $200

= $10,200

Therefore, the net sales for the month of June is $10,200.