A Trading has a total sales of P 98,800; sales return is P 5,400; cost of good sold is P 8,490; Salaries and wages P 12,000, rent is 10,600; light and water expense P 7,550.25. ; miscellaneous expense are P 9,350. Find a) gross profit b) net profit or net loss

A Trading has a total sales of P 98,800; sales return is P 5,400; cost of good sold is P 8,490; Salaries and wages P 12,000, rent is 10,600; light and water expense P 7,550.25. ; miscellaneous expense are P 9,350. Find a) gross profit b) net profit or net loss

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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