Answered: How to calculate the gross profit based…

How to calculate the gross profit based on data given below? Sales $764000 Selling Expenses 52500 Cost of Merchandise Sold 538000 Sales Discounts 7100 Sales Return and Allowances 3650

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2MC: When 25 of merchandise is returned for a credit on account, what is the amount of the credit to...

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How to calculate the gross profit based on data given below?
Sales $764000
Selling Expenses 52500
Cost of Merchandise Sold 538000
Sales Discounts 7100
Sales Return and Allowances 3650

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When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00
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Using the following information, what is the amount of net income? Purchases $ 25,599 Selling expenses $ 838 Merchandise inventory, September 1 6,382 Merchandise inventory, September 30 11,356 Administrative expenses 765 Sales 47,294 Rent revenue 908 Interest expense 1,144 O a. $27,118 Ob. $24,830 Oc. S18,448 Od. S36,186