The following totals appear in the day books for March 20X8. $ Sales day book 40,000 Purchases day book 20,000 Returns inwards day book 2,000 Returns outward day book 4,000 Opening and closing inventories are both $3,000. What is the gross profit for March 20X8? A $22,000 B $24,000 C $20,000 D $18,000
The following totals appear in the day books for March 20X8. $ Sales day book 40,000 Purchases day book 20,000 Returns inwards day book 2,000 Returns outward day book 4,000 Opening and closing inventories are both $3,000. What is the gross profit for March 20X8? A $22,000 B $24,000 C $20,000 D $18,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following totals appear in the day books for March 20X8.
$
Sales day book 40,000
Purchases day book 20,000
Returns inwards day book 2,000
Returns outward day book 4,000
Opening and closing inventories are both $3,000. What is the gross profit for March 20X8?
A $22,000
B $24,000
C $20,000
D $18,000
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