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The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: + Sales $50,000 Cost of Goods Sold $35,000 Inventory Account Payable $10,000 $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000

The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: + Sales $50,000 Cost of Goods Sold $35,000 Inventory Account Payable $10,000 $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: + Sales $50,000 Cost of Goods Sold $35,000 Inventory Account Payable $10,000 $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000
Transcribed Image Text:The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: + Sales $50,000 Cost of Goods Sold $35,000 Inventory Account Payable $10,000 $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000
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