Effects of Discounts on Sales and Purchases
Helmkamp Products sells golf clubs and accessories to pro shops. Gross sales in 2019 were $2,850,000 (Helmkamp’s list price) on terms 2/15, n/45. Customers paid for $2,000,000(Helmkamp’s list price) of the merchandise within the discount period and the remaining $850,700 after the end of the discount period. Helmkamp expects its customers to pay within the discount period.
Required:
1. Determine how much cash was collected from sales.
2. Assuming all payments were received before year end, how much sales revenue will be reported on the income statement?
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