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The following amounts have been extracted from the accounts of FastMart at its year-end, June 30, 20x8: Sales $85,000 Cost of Goods Sold $59,500 Inventory $17,500 Accounts Receivable $12,000 The gross profit that FastMart would report is: a. $25,500 b. $85,000 c. $42,500 d. $17,500 e. None of the other alternatives are correct

The following amounts have been extracted from the accounts of FastMart at its year-end, June 30, 20x8: Sales $85,000 Cost of Goods Sold $59,500 Inventory $17,500 Accounts Receivable $12,000 The gross profit that FastMart would report is: a. $25,500 b. $85,000 c. $42,500 d. $17,500 e. None of the other alternatives are correct

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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The following amounts have been extracted from the accounts of FastMart at its year-end, June 30, 20x8: Sales $85,000 Cost of Goods Sold $59,500 Inventory $17,500 Accounts Receivable $12,000 The gross profit that FastMart would report is: a. $25,500 b. $85,000 c. $42,500 d. $17,500 e. None of the other alternatives are correct
Transcribed Image Text:The following amounts have been extracted from the accounts of FastMart at its year-end, June 30, 20x8: Sales $85,000 Cost of Goods Sold $59,500 Inventory $17,500 Accounts Receivable $12,000 The gross profit that FastMart would report is: a. $25,500 b. $85,000 c. $42,500 d. $17,500 e. None of the other alternatives are correct
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