Solved: For the fiscal year sales were 5280000 sales discounts were, Accounting Basics

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For the fiscal year sales were 5280000 sales discounts were

Question -

Q1. During the current year merchandise is sold for $795,000. The cost of the merchandise sold is $474,000.

a. What is the amount of the gross profit?

b. Compute the gross profit percentage(gross profit divided by sales)

c. Will the income statement necessarily report a net income? Explain (show your work)

Q2. For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000.

a. What was the amount of net sales?

b. What was the amount of gross profit?

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Accounting Basics: For the fiscal year sales were 5280000 sales discounts were

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Accounting Basics: For the fiscal year sales were 5280000 sales discounts were

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