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A company had sales revenue of $950,000 for the year. In addition, the following information is available related to the cost of the units sold: Total purchase cost Freight charges Purchase discounts Purchase returns. Operating expenses What amount would the company report as gross profit? $285,000 O $485,000 $420,000 O $535,000 None of the above Click Save and Submit to save and submit. Click Save All Answers to save all answers. $ 480,000 10,000 25,000 50,000 200,000

A company had sales revenue of $950,000 for the year. In addition, the following information is available related to the cost of the units sold: Total purchase cost Freight charges Purchase discounts Purchase returns. Operating expenses What amount would the company report as gross profit? $285,000 O $485,000 $420,000 O $535,000 None of the above Click Save and Submit to save and submit. Click Save All Answers to save all answers. $ 480,000 10,000 25,000 50,000 200,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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C A company had sales revenue of $950,000 for the year. In addition, the following information is available related to the cost of the units sold: Total purchase cost Freight charges Purchase discounts. Purchase returns Operating expenses. What amount would the company report as gross profit? O $285,000 O $485,000 O $420,000 O $535,000 O None of the above Click Save and Submit to save and submit. Click Save All Answers to save all answers. ! 1 F1 A N @ 2 * F2 W S #3 80 F3 $ 4 D a F4 E R F F % 5 I F5 te X x I c I_ →>>>> T MacBook Air ^ 6 G G F6 B & 7 K H $ 480,000 10,000 25,000 50,000 200,000 F7 * 00 U 8 N DII F8 - - 9 F9 K
Transcribed Image Text:C A company had sales revenue of $950,000 for the year. In addition, the following information is available related to the cost of the units sold: Total purchase cost Freight charges Purchase discounts. Purchase returns Operating expenses. What amount would the company report as gross profit? O $285,000 O $485,000 O $420,000 O $535,000 O None of the above Click Save and Submit to save and submit. Click Save All Answers to save all answers. ! 1 F1 A N @ 2 * F2 W S #3 80 F3 $ 4 D a F4 E R F F % 5 I F5 te X x I c I_ →>>>> T MacBook Air ^ 6 G G F6 B & 7 K H $ 480,000 10,000 25,000 50,000 200,000 F7 * 00 U 8 N DII F8 - - 9 F9 K
QUESTION 2 At December 31, Gill Company reported accounts receivable of $300,000 and an allowance for uncollectible accounts of $1,300 (debit) before adjustment. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjusting entry for uncollectible accounts would be: O $1,300. O $10,300. O $9,000. O $7,700. None of the above
Transcribed Image Text:QUESTION 2 At December 31, Gill Company reported accounts receivable of $300,000 and an allowance for uncollectible accounts of $1,300 (debit) before adjustment. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjusting entry for uncollectible accounts would be: O $1,300. O $10,300. O $9,000. O $7,700. None of the above
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