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

During the current year, merchandise is sold for $63,100 cash and for $83,700 on account. The cost of the goods sold is $95,420. What is the amount of the gross profit?

business accounting

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Answer 1

Answer #1

SOLUTION

Total Sales = Cash sales + Credit sales

= $63,100 + $83,700 = 146,800

Gross Profit = Total Sales - Cost of Goods Sold

= $146,800 - $95,420

= $51,380

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Answer 2

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