During the current period, Mercado Corp.sold products to customers for a total of $76,000.Due to defective products, customers were given $2,800 in refunds for products that were returned and another $3,500 in reductions to their account balances.Discounts in the amount of $5,500 were given for early payment of account balances.

Prepare the Net Sales section of Mercado's income statement.

Question

Prepare the Net Sales section of Mercado's income statement.

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The Answer of During the current period, Mercado Corp.sold products to customers for a total of $76,000.Due to defective products, customers were given $2,800 in refunds for products that were returned and another $3,500 in reductions to their account balances.Discounts in the amount of $5,500 were given for early payment of account balances.

Prepare the Net Sales section of Mercado's income statement.

During the Current Period, Mercado Corp