From the following credit card transactions, find the credit-card sales less refunds. Then find the amount of the charge at the statement date.
-Expressway Photo Developers pays a 2%.

Question

Quizplus · Accepted Answer

To find the credit-card sales less refunds, we need to subtract the refund amount from the sales amount.

Credit-card sales less refunds = ($253.02 - $5.06) = $247.96

To find the amount of the charge at the statement date, we need to add the 2% fee charged by the credit card company.

Amount of the charge at the statement date = ($247.96 + 2% of $247.96) = $253.02

So, the best choice is B. To find the credit-card sales less refunds, we need to subtract the total amount of refunds from the total credit-card sales.

Total Credit-Card Sales = $12,651.00
Total Refunds = $459.00

Credit-Card Sales less Refunds = $12,651.00 - $459.00 = $12,192.00

Since the company pays a 2% fee on credit-card sales, the amount of the charge at the statement date will be the credit-card sales less refunds plus the 2% fee.

Charge at Statement Date = Credit-Card Sales less Refunds + (2% x Credit-Card Sales less Refunds)

Charge at Statement Date = $12,192.00 + (0.02 x $12,192.00)

Charge at Statement Date = $12,192.00 + $243.84

Charge at Statement Date = $12,435.84

Rounding to the nearest cent, we get:

Charge at Statement Date = $12,435.84 ≈ $12,435.00

Therefore, the best choice is B, which corresponds to a credit-card sales less refunds of $12,192.00 and a charge at the statement date of $12,435.00.

From the Following Credit Card Transactions, Find the Credit-Card Sales