During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,000.

Question:

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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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Question Posted: Apr 06, 2021 05:29 AM

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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.

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a Calculation of gross profit Gross profit Sales Cost of goods sold 45870000 33026000 128440...View the full answer

Accounting

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