Orion Tools Ltd. had gross sales of $72,000 for the year. Its cost of goods sold (COGS) was $42,000, and returns and allowances amounted to $6,000. During the year, Orion Tools also purchased machinery normally selling for $20,000 at a 30% discount. Based on this information, what is the gross income for the year?

Orion Tools Ltd. had gross sales of $72,000 for the year. Its cost of goods sold (COGS) was $42,000, and returns and allowances amounted to $6,000. During the year, Orion Tools also purchased machinery normally selling for $20,000 at a 30% discount. Based on this information, what is the gross income for the year?

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 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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