QUESTION 18 ABC Corporation began operations on Oct. 1 by purchasing $6,000 of inventory and $600 of cleaning supplies. During the month, the company generated $6,500 of sales revenue. On Oct. 31, the company had $2.800 of inventory remaining, along with $210 of cleaning supplies. What was ABC Corporation's gross profit for the month? (Enter your answer in numeric digits only, no dollar sign or comma.)
QUESTION 18 ABC Corporation began operations on Oct. 1 by purchasing $6,000 of inventory and $600 of cleaning supplies. During the month, the company generated $6,500 of sales revenue. On Oct. 31, the company had $2.800 of inventory remaining, along with $210 of cleaning supplies. What was ABC Corporation's gross profit for the month? (Enter your answer in numeric digits only, no dollar sign or comma.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 18?
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QUESTION 18
ABC Corporation began operations on Oct. 1 by purchasing $6,000 of inventory and $600 of cleaning supplies. During the month, the company generated $6,500 of
sales revenue. On Oct. 31, the company had $2,800 of inventory remaining, along with $210 of cleaning supplies. What was ABC Corporation's gross profit for the
month? (Enter your answer in numeric digits only, no dollar sign or comma.)
QUESTION 19
Match the account or description on the left to the appropriate classification on the right. Each classification may be used more than once or not at all.
F. Supplies
v Accounts Receivable
v Retained earnings
A, Owners' equity
B. Expense
C. Revenue
D. Contra-asset
v Cost of goods sold
E. Liability
F. Asset
v Wages that are paid for labor provided during a period
v Interest payable
v Unearned revenue
Accumulated depreciation
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