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Toyz's Retail Store sold $900 of merchandise to Ebony Inc. on April 3, terms. On April 8, Ebony returned $200 of the merchandise that was defective. The original merchandise sold cost Toyz $600, but of this amount, $70 was returned. Toyz received payment from Ebony on April 10. What amount of sales and cost of goods sold should Toyz record for these transactions?
Net Worth
The total assets owned by an individual or entity minus the total liabilities owed; a measure of financial health.
Modern Slavery
Modern slavery encompasses forms of exploitation that deprive someone of their freedom for personal or commercial gain, including human trafficking, forced labor, and debt bondage.
Wealthy Relatives
Family members who possess a considerable amount of wealth, assets, or financial resources.
Trapped
A feeling of being unable to escape or improve one's situation, often due to external constraints or psychological barriers.
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