Newark Company has provided the following information Cash s

Newark Company has provided the following information: Cash sales, $580,000 Credit sales, $1,480,000 Selling and administrative expenses, $460,000 Sales returns and allowances, $103,000 Gross profit, $1,490,000 Increase in accounts receivable, $68,000 Bad debt expense, $46,000 Sales discounts, $56,000 Net income, $1,030,000 How much are Newark\'s net sales? O $1,901.000 O $1,855,0o0 O $1,992,0oo o $2,060,000

Solution

Net Sales of newark company = Cash Sales + Credit Sales - Sales returns and allowances - Sales discount 580000+1480000-103000-56000 1901000 Net Sales of newark company is $1901000