Smithson Products sells shoes and accessories to retail stores. Gross sales in 2009 were $1,500,250 (Smithsons list price) on terms 2/10, n/30. Customers paid for $925,500 (Smithsons list price) of the merchandise within the discount period and the remaining $574,750 after the end of the discount period. Smithson records purchases and sales using the gross method to account for sales discounts. Required:1. Compute the amount of net sales.2. Determine how much cash was collected from sales.
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