Flynn Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net amount of the goods purchased if Flynn Company pays within the discount period?

a.$5,000

b.$4,900

c.$4,500

d.4,600

1 points

QUESTION 32

1. Thelman Company reported the following balances at June 30, 2020: Sales $10,800, Sales Returns and Allowances 400, Sales Discounts 200, Cost of Goods Sold 5,000. The Net sales for the month is

a$10,

b.800

c.$10,400

d.$10,200

e.$5,200.

1 points

QUESTION 33

1. If a company has net sales of $500,000 and cost of goods sold of $350,000, the gross profit percentage is

a.70%

b.30%

c.15%

d.100%.

1 points

QUESTION 34

1. A company shows the following balances: Sales $1,000,000; Sales Returns and Allowances, 180,000; Sales Discounts, 20,000; Cost of Goods Sold, 560,000. What is the gross profit percentage?

a56

b.%70%

c.44%

d.30%

1 points

QUESTION 35

1. Use the following information for questions 35-37.

During 2020, Salon Enterprises generated revenues of $60,000. The company's expenses were as follows: cost of goods sold of $30,000, operating expenses of $12,000 and a loss on the sale of equipment of $2,000. Salon's gross profit is

a.56%

b,70%

c.44%

d.30%

1 points

QUESTION 36

1. Salon's income from operations is

a.$60,000

b.$30,000

c.$18,000

d.$12,000.

1 points

QUESTION 37

1. Salon's net comprehensive income is

a.$60,000

b.$30,000

c.$18,000

d.$16,000.

1 points

QUESTION 38

Ingrid's Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company's gross profit rate is 40%, Ingrid's will report monthly net sales revenue and cost of goods sold of

a.$38,000

b. $22,800.$37,200

c. $14,880.$37,200

d.$22,320.$38,000

e.$22,320.