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Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?
A- $10,500
B- $30,772
C- $7,972
D- $ 31,400

Respuesta :

Answer:

Gross profit earned = $7,972

Explanation:

Net sales = $35,000 - 3,600

Net sales  = $31,400

Merchandise cost = $24,500 - 1,700

Merchandise cost = 22,800

Discount allowed = [$31,400]2%

Discount allowed = 628

Gross profit earned = $31,400 - $22,800 - $628

Gross profit earned = $7,972

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