Question
A store owner had gross receipts of $50,000. He returned $1,000 of that amount to customers who were unhappy with their purchases. His cost of
A store owner had gross receipts of $50,000. He returned $1,000 of that amount to customers who were unhappy with their purchases. His cost of goods sold, as computed on Part III, Schedule C, was $29,000. What is the store owner's gross profit?
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Financial Accounting A Global Perspective
Authors: Rod Monger
1st Edition
0470518405, 978-0470518403
