The impact of credit card sales, sales discounts, and sales returns on net sales
Total gross sales for the period include the following:
Credit card sales (discount 3%) $ 9,400
Sales on account (2/15, n/60) $ 10,500
Sales returns related to sales on account were $500. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues.
What amount will be reported on the income statement as net sales?