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Question: During 2015, Scribe Company's customers returned merchandise for a credit of $17,750 to their accounts. Sales and cash collections from customers during the year were $425,000 and $390,000, respectively. Scribb Company began 2015 with a credit balance of $35,000 in the allowance for sales returns account. If the ending balance in the allowance for sales returns is $38,500, what percentage of sales is expected to be returned? Round our answer to the nearest whole percent. Please show work if possible.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92713211

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