Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Cash Merchandise Inventory Land Common Stock Retained Earnings $ 53,000 33,000 93,000 73,000 106,000 Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $26,400 for $56,100. 2. Sold land that cost $37,200 for $69,800. Required: a. Determine the amount of gross margin recognized by Lopez. b. Determine the amount of the gain on the sale of land recognized by Lopez. a. Gross margin b. Gain on sale of land

Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Cash Merchandise Inventory Land Common Stock Retained Earnings $ 53,000 33,000 93,000 73,000 106,000 Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $26,400 for $56,100. 2. Sold land that cost $37,200 for $69,800. Required: a. Determine the amount of gross margin recognized by Lopez. b. Determine the amount of the gain on the sale of land recognized by Lopez. a. Gross margin b. Gain on sale of land

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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