Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the goods sold was $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? a. $31,400 b. $7,972 c. $30,772 d. $10,500
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the goods sold was $24,500. Abbey Co. issued a ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
As an investor you have a required rate of return of 12 percent for investments in risky stocks. You have analyzed three risky firms and must decide which (if any) to purchase. Your information is Firm ABCCurrent dividends $1.00 $3.00 $7.
Answers (1)
In 2018, internal auditors discovered that Fay, Inc., had debited an expense account for the $700,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be five years with no residual value.
Answers (1)
How much liability coverage does the average small business need
Answers (2)
Aaron has a successful business with $50,000 of income. He purchased one new asset, a new machine that is 7-year MACRS property, with a cost of $7,000.
Answers (2)
The process of selecting and improving the heredity of plants to make them more useful to people is called
Answers (1)
New Questions in Business
I feel nice so just tell me your fave game
Answers (1)
Leesburg sold a machine for $2,200 on november 10th of the current year. the machine was purchased for $2,600. leesburg had taken $1,200 of depreciation deductions on the machine through the date of the sale.
Answers (1)
Perhaps the most well-known "forced savings," or contributory, program is a. the Supplemental Nutrition Assistance Program (SNAP) b. the income tax. c. the estate tax. d. Social Security.
Answers (1)
When it comes to pay satisfaction, most employees base their desired pay on their job duties and: Select one: A. the potential for promotions their basic needs B. their status the pay received by their superiors C.
Answers (1)
Companies using LIFO are required to disclose the amount at which inventory would have been reported had it used FIFO. Similarly, companies using FIFO are required to disclose what their inventory would have been if the company had used LIFO.
Answers (1)