If the amount of net sales is RM23,000, net purchase is RM10,000 and the cost of sales is RM2,450, determine the amount of gross profit/loss. A. Gross profit RM20,550 B. Gross loss RM20,550 C. Gross profit RM10,550 D. Gross loss RM10,550

If the amount of net sales is RM23,000, net purchase is RM10,000 and the cost of sales is RM2,450, determine the amount of gross profit/loss. A. Gross profit RM20,550 B. Gross loss RM20,550 C. Gross profit RM10,550 D. Gross loss RM10,550

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

If the amount of net sales is RM23,000, net purchase is RM10,000 and the cost of sales is RM2,450, determine the amount of gross profit/loss.

A. Gross profit RM20,550

B. Gross loss RM20,550

C. Gross profit RM10,550

D. Gross loss RM10,550

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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