A company reported the following:
Cost of Goods Sold $ 230,000
General, Selling, and Administrative Expenses 10,000
Income Tax Expense 9,700
Inventory 18,000
Net Income 27,900
Sales Revenue 285,000
Sales Discounts 3,900
Sales Returns and Allowances 3,050
What is the amount of gross profit?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A company reported the following: Cost of Goods Sold $ 230,000 General, Selling, and Administrative Expenses 10,000 Income Tax Expense ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Today, many vendors offer diversified tools, some of which are completely preprogrammed (called shells. how are these shells utilized?
Answers (1)
When private ownership of a resource is clearly defined and enforced, the private owner?
Answers (2)
Thach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.
Answers (1)
Which of the following is a positive economic statement? A. The government should implement a national consumption tax. B. The standard of living in the United States is too low. C. The U. S.
Answers (1)
Product extension and refinement:a. shorten the product life cycle. b. extend the product life cycle. c. are too costly for most firms. d. take place during basic research. e. end the product life cycle.
Answers (1)
New Questions in Business
Porite Company recognizes revenue in the period in which it records an asset for the related account receivable, rather than in the period in which the account receivable is collected in cash.
Answers (1)
You have $ 400 and a bank is offering 4.0 % interest on deposits. If you deposit the money in the bank, how much will you have in one year?
Answers (1)
A promissory note a. cannot be factored to another party. b. has the party to whom the money is due as the maker. c. may be used to settle an accounts receivable. d. is not a formal credit instrument.
Answers (1)
Davison Company determined that the book basis of its net accounts receivable was less than thetax basis of its net accounts receivable by $800,000 due to a difference in the allowance for baddebts account.
Answers (1)
Why do you think government bonds usually have a low risk of default?
Answers (1)