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# False Value Hardware began 2013 with a credit balance of \$31-600 in th.docx

False Value Hardware began 2013 with a credit balance of \$31,600 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$740,000 and \$700,000, respectively. False Value estimates that 4% of all sales will be returned. During 2013, customers returned merchandise for credit of \$23,000 to their accounts.
Solution
Solution:
Net Sales = Sales - Allowance for Sales Returns
Net Sales = 740,000 - (740,000*4%)
= 740,000 - 29,600
= 710,400.
Net Sales = \$710,400.
.

False Value Hardware began 2013 with a credit balance of \$31,600 in the allowance for sales returns account. Sales and cash collections from customers during the year were \$740,000 and \$700,000, respectively. False Value estimates that 4% of all sales will be returned. During 2013, customers returned merchandise for credit of \$23,000 to their accounts.
Solution
Solution:
Net Sales = Sales - Allowance for Sales Returns
Net Sales = 740,000 - (740,000*4%)
= 740,000 - 29,600
= 710,400.
Net Sales = \$710,400.
.

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