During the current year, merchandise is sold for $136,900 cash and $492,400 on account. The cost...

 

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During the current year, merchandise is sold for $136,900 cash and $492,400 on account. The cost of the goods sold is $478,300. What is the amount of the gross profit? X Feedback Check My Work Cash sales plus sales on account less cost of merchandise sold is equal to gross profit. During the current year, merchandise is sold for $136,900 cash and $492,400 on account. The cost of the goods sold is $478,300. What is the amount of the gross profit? X Feedback Check My Work Cash sales plus sales on account less cost of merchandise sold is equal to gross profit.

Answer rating: 100% (QA)

Youre absolutely right Thats the correct formula for calculating gross ... View the full answer