Required information Skip to question [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 160,000 Income Tax Expense 16,290 Merchandise Sales (gross revenue) for Cash 230,000 Merchandise Sales (gross revenue) on Credit 40,000 Office Expense 18,500 Sales Returns and Allowances 6,750 Salaries and Wages Expense 38,200 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)
Required information Skip to question [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 160,000 Income Tax Expense 16,290 Merchandise Sales (gross revenue) for Cash 230,000 Merchandise Sales (gross revenue) on Credit 40,000 Office Expense 18,500 Sales Returns and Allowances 6,750 Salaries and Wages Expense 38,200 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
Skip to question
[The following information applies to the questions displayed below.]
The following data were provided by Mystery Incorporated for the year ended December 31:
| Cost of Goods Sold | $ 160,000 |
|---|---|
| Income Tax Expense | 16,290 |
| Merchandise Sales (gross revenue) for Cash | 230,000 |
| Merchandise Sales (gross revenue) on Credit | 40,000 |
| Office Expense | 18,500 |
| Sales Returns and Allowances | 6,750 |
| Salaries and Wages Expense | 38,200 |
-
2-a. What was the dollar amount of gross profit?
-
2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)
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