Natural Beauty Supply accepts Discover cards from its customers assignment help
Natural Beauty Supply acceptsâ€‹ DiscoverÂ® cards from its customers. Discover charges
Natural1.2â€‹% of sales for its services. During theâ€‹ 2009-2010 fiscalâ€‹ year, Naturalâ€‹’s customers used Discover cards to purchase $80,000 worth of merchandise.
How much did Natural show as sales on the income statement for the year ended Juneâ€‹ 30, 2010?
How much cash did Natural actually receive from theseâ€‹ sales?
Begin by selecting the formula used to calculate the cash received. Then enter the amounts to calculate the cash received.
? – ? = Cash received.