Question

9/2019] ACT 1011 - S01 7 My courses Old 09/2019 ACT 1011 - 501 CHAPTER 7- towy: Merchandising Transactions / Chapter 7 Post-Class Homewo Take me to the text If a computer company bought computers for $10,000 and sold them for $16.000, how much would the gross profit be on the entire shipment if the business took advantage of the early cash payment terms of 4/10, 1/60 from its supplier? Do not enter dolar signs or comumas in the input box Gross Profit Check Note: The "check" button does not submit your attempt to submit the attempt go to the end of the quand click on the submit and finish" button Via for this submission 0.00 1.00 Next hinterinnen D as Home

Answer 1

Answer-
Gross Profit is $ 5,360
Particulars	Amount	Amount
Revenue	$      16,000
Less: Sales Discount	$            640
Net Revenue		$ 15,360
Less: Cost of goods sold		$ 10,000
Gross Profit		$    5,360

Note- Early payment discount are treated as sales discount and they are contra revenue accounts. Hence subtracted from Gross Revenue