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Aaron Corporation is a merchandising company. Selected account balances are listed below: Sales $250,000 Purchases 112,500 Beginning Inventory 8,000 Ending Inventory 15,000 Operating Expenses 74,000
Aaron Corporation is a merchandising company. Selected account balances are listed below:
| Sales | $250,000 |
| Purchases | 112,500 |
| Beginning Inventory | 8,000 |
| Ending Inventory | 15,000 |
| Operating Expenses | 74,000 |
| Income Tax Expense | 5,000 |
| Beginning Retained Earnings | 26,500 |
| Dividends | 7,500 |
Refer to the information provided for Aaron Corporation. Calculate gross margin.
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Financial Accounting
Authors: Robert Libby, Patricia A Libby
7th Edition
0078111021, 9780078111020
