**Problem Statement:**Using the accounts and amounts below, calculate **Gross Profit**:| Account | Amount ||-----------------------------|---------|| Sales Revenue | $124,357|| Net Sales | 124,835 || Sales Returns and Allowances| 2,971 || Cost of Goods Sold | 37,343 || Operating Expenses | 20,156 |**Instructions:**To calculate the Gross Profit, use the formula:\[ \text{Gross Profit} = \text{Net Sales} - \text{Cost of Goods Sold} \]**Note:**Net Sales is the Sales Revenue minus Sales Returns and Allowances.

The formula for calculating gross profit = Revenue - Cost of Goods Sold Revenue = Net revenue. i.e…

Answered: Using the accounts and amounts below,…

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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Using the following information, what is the amount of gross profit? Purchases $30,118 Selling expenses $697 Merchandise inventory, September 1 5,063 Merchandise inventory, September 30 9,860 Administrative expenses 984 Sales 51,408 Rent revenue 879 Interest expense 1,010 a.$51,408 b.$25,390 c.$26,087 d.$76,729
Subject - account Please help me. Thankyou.
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Using the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357 Net Sales 124,835 Sales Returns and Allowances 2,971 Cost of Goods Sold 37,343 Operating Expenses 20,156