Questions:88 The following information appeared in the accounting records of a retail store for the previous year: Sales Purchases Inventories: $ 3,00,000 $1,40,000 January 1 $ 70,000 December 31 $ 1,00,000 $ 10,000 Sales commissions The gross margin was: a. $190,000 b. $180,000 c. $160,000 d. $150,000
Questions:88 The following information appeared in the accounting records of a retail store for the previous year: Sales Purchases Inventories: $ 3,00,000 $1,40,000 January 1 $ 70,000 December 31 $ 1,00,000 $ 10,000 Sales commissions The gross margin was: a. $190,000 b. $180,000 c. $160,000 d. $150,000
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 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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Transcribed Image Text:Questions:88
The following information appeared in the accounting records of a retail
store for the previous year:
Sales
Purchases
Inventories:
$ 3,00,000
$1,40,000
January 1
$ 70,000
December 31
$ 1,00,000
$ 10,000
Sales commissions
The gross margin was:
a. $190,000
b. $180,000
c. $160,000
d. $150,000
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