For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000. a. What was the amount of net sales? b. What was the amount of gross profit?
For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000. a. What was the amount of net sales? b. What was the amount of gross profit?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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solve Question with answer of a and b
![For the fiscal year, sales were $5,280,000, sales
discounts were $100,000, sales returns and allowances
were $75,000, and the cost of the merchandise sold was
$3,000,000.
a. What was the amount of net sales?
b. What was the amount of gross profit?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27bc3456-a7f8-466b-a9f9-09b349447381%2F2f1df75b-a757-429e-8460-1f321bd915eb%2Fnfy53kq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For the fiscal year, sales were $5,280,000, sales
discounts were $100,000, sales returns and allowances
were $75,000, and the cost of the merchandise sold was
$3,000,000.
a. What was the amount of net sales?
b. What was the amount of gross profit?
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