A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted on April 28. What amount is received as payment in full on May 4? During 2015, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000. What is Parker's 2015 gross profit amount? What is the purpose of making closing entries? Queen Company is in the electronics industry and the price it pays for inventory is increasing. Which inventory method (FIFO/LIFO/Average Cost) will provide the highest cost of goods sold? Magneto Company had net credit sales during the year of $1,350,000 and cost of good sold of $810,000. The balance in accounts receivable at the beginning of the year $180,000, and the end of the year it was $120,000. What was the accounts turnover