Chapter 13, Problem 3DYS

Please provide the answer to this general accounting question with proper steps.

Solve this

How much is in the august income statement?

Gama Co. sold merchandise to Harper Co. on account for $50,000, with terms of 3/10, net 60. The cost of the merchandise sold was $30,000. Gama Co. issued a credit memo for $4,000 of undiscounted merchandise returned, which originally cost $2,000. Harper Co. paid the invoice within the discount period. What is the amount of gross profit earned by Gama Co. on the above transactions?

Determine the missing amount

What is the amount of the sales that should be used when evaluating the addition of the lower-priced suits?

Accurate Answer

What amount of current liabilities does this firm have?

How much sales could the firm have supported last year with its current level of fixed assets?