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...
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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
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
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