For the fiscal year, sales were $8,300,000, sales discounts were $100,000, sales returns and allowances were $45,000,

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For the fiscal year, sales were $8,300,000, sales discounts were $100,000, sales returns and allowances were $45,000, and the cost of merchandise sold was $5,000,000.

a. What was the amount of net sales?

b. What was the amount of gross profit?

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Survey of Accounting

ISBN: 978-1133189121

6th edition

Authors: Carl S Warren

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Question Posted: Feb 04, 2014 07:41 AM

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For the fiscal year, sales were $8,300,000, sales discounts were $100,000, sales returns and allowances were $45,000,

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a Net sales 8300000 1...View the full answer

Survey of Accounting

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