For the fiscal year, sales were $46,680,000 and the cost of goods sold was $28,000,000.

a. What was the amount of gross profit?
fill in the blank 1 of 1$

b. If total operating expenses were $5,000,000, could you determine net income?

Yes, because there could be no other income and expense items that could affect the amount of net income.No, because there could be other income and expense items that could affect the amount of net income.

c. Customer Refunds Payable is a(n)

assetliabilitystockholders' equity

account.

What is its normal balance?

CreditDebit

d. Estimated Returns Inventory is a(n)

assetliabilitystockholders' equity

account.

What is its normal balance?

CreditDebit