Question 9 The following information is available for Battery Co.: Cost of goods sold: $75,000 Interest revenue: $3,000 Sales discounts: $2,000 Sales revenue: $150,000 Sales salaries expense: $33,000 What amount of gross margin or gross profit should be reported on Battery's multiple-step income statement? $73,000 $70,000 O $37,000 O $75,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 9
The following information is available for Battery Co.:
Cost of goods sold: $75,000
Interest revenue: $3,000
Sales discounts: $2,000
Sales revenue: $150,000
Sales salaries expense: $33,000
What amount of gross margin or gross profit should be reported on Battery's multiple-step income statement?
$73,000
$70,000
O $37,000
O $75,000
Transcribed Image Text:Question 9 The following information is available for Battery Co.: Cost of goods sold: $75,000 Interest revenue: $3,000 Sales discounts: $2,000 Sales revenue: $150,000 Sales salaries expense: $33,000 What amount of gross margin or gross profit should be reported on Battery's multiple-step income statement? $73,000 $70,000 O $37,000 O $75,000
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