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1. Explain the difference between sales revenue and net sales. 2. What is gross profit or gross margin on sales? In your explanation, assume that

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1. Explain the difference between sales revenue and net sales. 2. What is gross profit or gross margin on sales? In your explanation, assume that net sales revenue was $100,000 and cost of goods sold was $60,000. 3. What is a credit card discount? How does it affect amounts reported on the income statement? 4. What is a sales discount? Use 1/10, n/30 in your explanation

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