If Johnson, Inc.sold $800,000 worth of merchandise, had $100,000 returned, and then the balance paid during the 1% discount period, how much was Johnson's net sales?

Question

Quizplus · Accepted Answer

- Johnson, Inc. sold $800,000 worth of merchandise.
- $100,000 was returned, so the total sales became $800,000 - $100,000 = $700,000.
- The balance was paid during the 1% discount period, so the net sales would be $700,000 - ($700,000 x 0.01) = $693,000.