During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,000.
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During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,000.
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.
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a Calculation of gross profit Gross profit Sales Cost of goods sold 45870000 33026000 128440...View the full answer
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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