Suppose Riley Electronics, Inc., had sales of $280,000 and sales returns of $26,000. Cost of goods sold
Question:
Suppose Riley Electronics, Inc., had sales of $280,000 and sales returns of $26,000. Cost of goods sold was $112,000. How much gross profit did Riley Electronics, Inc., report?
a. $168,000
b. $142,000
c. $194,000
d. $254,000 AppendixLO1
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Related Book For 
Financial Accounting
ISBN: 9781292019543
3rd Global Edition Edition
Authors: Robert Kemp, Jeffrey Waybright, Pearson Education
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