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
Problem 1Q
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Question
Question 18?
Transcribed Image Text:• Cost of Goods sold = $1,500
Wage Expense = $2,700
• Purchase of equipment = $3,700
Depreciation expense = $75
Other operating expenses = $325
Purchase of inventory = $1,200
• Net income = $250
Assuming that no other items affected Perkins Company's income statement, what was the company's revenue for August? (Enter your answer in numeric digits
only, no dollar sign or commas.)
2150
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
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.
A. Owners' equity
F. v Supplies
v Accounts Receivable
B. Expense
C. Revenue
v Retained earnings
D. Contra-asset
eliahility
v Cost of goods sold
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