During the current year, merchandise is sold for $107,500 cash and $651,000 on account. The cost...

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During the current year, merchandise is sold for $107,500 cash and $651,000 on account. The cost...

During the current year, merchandise is sold for $107,500 cash and $651,000 on account. The cost of the goods sold is $538,500. What is the amount of the gross profit?

business accounting

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Answer 1

Answer #1

Cash Sales	$ 1,07,500
Sales On Account	$ 6,51,000
Total Sales	$ 7,58,500
Less;
Csot of goods sold	$ 5,38,500
Gross profit	$ 2,20,000

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Answer 2

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During the current year, merchandise is sold for $107,500 cash and $651,000 on account. The cost...

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During the current year, merchandise is sold for $107,500 cash and $651,000 on account. The cost...

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During the current year, merchandise is sold for $63,100 cash and for $83,700 on account. The cost of the goods sold is...

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Add Answer to: During the current year, merchandise is sold for $107,500 cash and $651,000 on account. The cost...

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During the current year, merchandise is sold for $107,500 cash and $651,000 on account. The cost...