Wexford Enterprises has gross sales of $45,000 for the year. Its cost for the goods sold is $28,000. Returns and allowances amounted to $3,500. It purchased equipment normally selling for $12,000 at a 25% discount. Based on these facts, what is its gross income for the year?

Wexford Enterprises has gross sales of $45,000 for the year. Its cost for the goods sold is $28,000. Returns and allowances amounted to $3,500. It purchased equipment normally selling for $12,000 at a 25% discount. Based on these facts, what is its gross income for the year?

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 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Question

What is its gross income for the year of this general accounting question?

Wexford Enterprises has gross sales of $45,000 for the year. Its cost
for the goods sold is $28,000. Returns and allowances amounted to
$3,500. It purchased equipment normally selling for $12,000 at a 25%
discount.
Based on these facts, what is its gross income for the year?

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