Cushman Company had $824,000 in sales, sales discounts of $12,360, sales returns and allowances of $18,540, cost of goods sold of $391,400, and $283,455 in operating expenses. Gross profit equals: Multiple Choice $793,100. $118,245. $401,700.

Cushman Company had $824,000 in sales, sales discounts of $12,360, sales returns and allowances of $18,540, cost of goods sold of $391,400, and $283,455 in operating expenses. Gross profit equals: Multiple Choice $793,100. $118,245. $401,700.

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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Question

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Cushman Company had $824,000 in sales, sales discounts of $12,360, sales returns and allowances of $18,540, cost of goods sold of $391,400, and
$283,455 in operating expenses. Gross profit equals:
Multiple Choice
$793,100.
$118,245.
$401,700.
$414,060.
$420,240.
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