Answered: Suppose Austin Sound had sales of…

Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. Cost of goods sold was $152,000. How much gross profit did Austin Sound report? a. $148,000 b. $103,000 c. $255,000 d. $88,000

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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Question

Suppose Austin Sound had sales of $300,000 and sales returns of
$45,000. Cost of goods sold was $152,000. How much gross profit did
Austin Sound report?
a. $148,000
b. $103,000
c. $255,000
d. $88,000

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I want to answer
A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals: Multiple Choice $(417,000). $695,000. $278,000. $417,000. $973,000.