Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. The cost of goods sold was $152,000. How much gross profit did Austin Sound report?[Gross Margin Account][3] a. $148,000 b. $103,000 c. $255,000 d. $88,000
Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. The cost of goods sold was $152,000. How much gross profit did Austin Sound report?[Gross Margin Account][3] 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...
Related questions
Question
follow this questions and give true answer with short details
![Suppose Austin Sound had sales of $300,000 and sales
returns of $45,000. The cost of goods sold was $152,000.
How much gross profit did Austin Sound report?[Gross
Margin Account][3]
a. $148,000
b. $103,000
c. $255,000
d. $88,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f72ac44-5d73-45c8-b813-8f4a8114b306%2Fd60ed494-5a21-4e0a-a99c-03eea4dea58e%2Fidsspoh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose Austin Sound had sales of $300,000 and sales
returns of $45,000. The cost of goods sold was $152,000.
How much gross profit did Austin Sound report?[Gross
Margin Account][3]
a. $148,000
b. $103,000
c. $255,000
d. $88,000
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning

Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning