Given that sales Revenue: 460,000. Cost of goods sold 300,000. operating expenses 85,000. sales discounts 20,000. Sales returns and allowances: 15,000. Interest revenue: 5,000. 1) What is net sales revenue? 2) Assume net sales revenue is 450,000. What is 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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Can you please solve this general accounting question?

Given that sales Revenue: 460,000. Cost of goods sold 300,000.
operating expenses 85,000. sales discounts 20,000. Sales returns
and allowances: 15,000. Interest revenue: 5,000.
1) What is net sales revenue?
2) Assume net sales revenue is 450,000. What is gross profit?
Transcribed Image Text:Given that sales Revenue: 460,000. Cost of goods sold 300,000. operating expenses 85,000. sales discounts 20,000. Sales returns and allowances: 15,000. Interest revenue: 5,000. 1) What is net sales revenue? 2) Assume net sales revenue is 450,000. What is gross profit?
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