401 Diner reported sales revenues of $53,000 in April. Thirty percent were cash sales and seventy percent were paid by credit cards. 401 Diner pays a three percent fee to the credit card companies.
-401 Diner's net sales reported for April would be closest to:

Question

401 Diner reported sales revenues of $53,000 in April. Thirty percent were cash sales and seventy percent were paid by credit cards. 401 Diner pays a three percent fee to the credit card companies. 
-401 Diner's net sales reported for April would be closest to:

Quizplus · Accepted Answer

The net sales can be calculated by subtracting the credit card fees from the total sales. Cash sales are $53,000 * 30% = $15,900, and credit card sales are $53,000 * 70% = $37,100. The fee on credit card sales is $37,100 * 3% = $1,113. Therefore, net sales are $53,000 - $1,113 = $51,887.

401 Diner Reported Sales Revenues of $53,000 in April