Chapter 1, Problem 4P

General accounting

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Given the following information for the year ended 12/31/X3: Sales Revenues Selling and Administrative Expense Sales Discounts Sales Returns and Allowances Cost of Goods Sold Interest Expense Determine the 20X3 gross margin. a. $22,000 b. $26,000 c. $39,000 d. $68,000 e. none of these 12/31/X3 Balances DR/(CR) ($2,10,000) 42,000 6,000 11,000 1,25,000 4,000