ToshaCollins_Unit5 assignment_AC113-12

ToshaCollins_Unit5 assignment_AC113-12 - less returns and...

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Exercise 4-1 Show your work. a. cost of merchandise purchased is subtracted from merchandise sold. 2,850,750-1,995,525=855,225 b. 855,225/2850750=30% c. The income statement will always report a net income. That amount can also be net loss if the company is in the negative with its profits.
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Exercise 4-6 Show your work. a. Sales 4125800
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Unformatted text preview: less returns and allowances 380000 discounts 186750 566750 net sales 3559050 b. net sales 3559050 cost of merchandise sold 2475500 gross profit 1083550 Exercise 4-7 1. selling expense 2. selling expense 3. administrative 4. other 5. administrative 6. administrative 7. selling expense 8. administrative...
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ToshaCollins_Unit5 assignment_AC113-12 - less returns and...

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