Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jun 18, 2024

Using the following information, what is the amount of gross profit? Purchases $30,416 Selling expenses $870 Merchandise inventory, September 1 $7,852 Merchandise inventory, September 30

Using the following information, what is the amount of gross profit?

Purchases $30,416

Selling expenses $870

Merchandise inventory, September 1 $7,852

Merchandise inventory, September 30 $11,503

Administrative expenses $903

Sales $46,830

Rent revenue $1,073

Interest expense $1,146

a. $20,065

b. $46,830

c. $19,195

d. $73,595

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

978-0137024971

Students also viewed these Accounting questions

Question

38. If X is uniformly distributed over (0, 1), find the density function of Y = e x .

Answered: 1 week ago

Question

★★★★★

Describe NetSuites products and services. What are NetSuites sources of revenues? What are NetSuites major expenses in your own words, describe: what is a performance obligation? Provide citation...

Answered: 1 week ago

Question

★★★★★

The following selected transactions were completed by betz company during July of the current year . the betz company uses the net method under a perpetual inventory system eBook Print Itern...

Answered: 1 week ago

Question

★★★★★

Portfolio Expected Return. You own a portfolio that is 20 percent invested in Stock X, 45 percent in Stock Y, and 35 percent in Stock Z. The expected returns on these three stocks are 10 percent, 14...

Answered: 1 week ago

Question

★★★★★

The Assessable Unit Manager (AUM) meets with the external Independent Auditor (IPA) to prepare and submit the Annual Statement of Assurance (ASOA) feeder package to the Head of the Reporting...

Answered: 1 week ago

Question

★★★★★

Knightro has three variables that store the length of each of his runs, run1, run2, run3 and he is trying to find the average of these three numbers and save it into the variable name overall. Write...

Answered: 1 week ago

Question

★★★★★

Problem 2. By using R function generate a simple and random sample of size n for the population X ~N(2, 32). 3/n (i) Let n = 20, compute X-2 and (n-1)52. Then, repeat (i) for 100 times X-2 and (n-1)...

Answered: 1 week ago

Question

★★★★★

What does the term "acceptable level" mean when used in the GAO conceptual framework to describe threats to independence? The circumstances are fluid but stable in terms of the auditor's...

Answered: 1 week ago

Question

★★★★★

5. Wabasha Co. has two service departments (A and B) and two producing departments (X and Y). Data provided are as follows: Service Depts. Operating Depts. A B X Y Direct costs $150 $300 Services...

Answered: 1 week ago

Question

★★★★★

Question 6 is also worth 20 marks Case Study: Resolution of the NBA & CCB Anguilla On April 22, 2016 pursuant to Section137(1)(a) of the Banking Act No. 6 of 2015 of the laws of Anguilla the ECCB...

Answered: 1 week ago

Previous Question Next Question