Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the information below, the gross profit figure is: Debit Credit Sales 650,000.00 Purchases 95,000.00 Opening inventory 45,000.00 Discount allowed 2,300.00 Discount received 2,700.00 Carriage

Using the information below, the gross profit figure is:

Debit Credit
Sales 650,000.00
Purchases 95,000.00
Opening inventory 45,000.00
Discount allowed 2,300.00
Discount received 2,700.00
Carriage in 1,500.00
Carriage out 3,100.00
Rent Received 55,000.00
Ending Inventory 30,000.00

a.

593,900

b.

538,900

c.

541,200

d.

540,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions