For the fiscal year, sales were $6,750,000, sales discounts were $120,000. sales return and allowances were $900,000,

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For the fiscal year, sales were $6,750,000, sales discounts were $120,000. sales return and allowances were $900,000, and the cost of merchandise sold was $4,000,000.
a. What was the amount of net sales?
b. What was the amount of gross profit?
c. If total operating expenses were $1,200,000, could you determine net income?

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Financial and Managerial Accounting

ISBN: 978-0538480895

11th Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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