Business, 10.07.2019 05:00, loudenalexisp56lp0

During the month, merchandise is sold for $80,500 cash and for $119,000 on account. the cost of goods sold is $101,500. what is the amount of gross profit? a. $199,500 b. $119,000 c. $98,000 d. $80,500

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During the current year, merchandise is sold for $137,500 cash and $425,600 on account. the cost of the merchandise sold is $322,325. what is the amount of the gross profit?

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Business, 10.10.2019 18:30, whitwelllife

Which of the statements below are correct regarding cost of goods sold? cost of goods sold is the price received from selling a product. cost of goods sold is an asset account reported on the balance sheet. cost of goods sold is the expense of buying and preparing merchandise. cost of goods sold can be determined by subtracting the cost of a merchandise sold from its sales price.

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Business, 24.10.2019 17:43, Yailynn598

Oriole hardware store completed the following merchandising transactions in the month of may.at the beginning of may, orioles’ ledger showed cash of $7,400 and common stock of $7,400.may 1 purchased merchandise on account from black wholesale supply for $7,400, terms 1/10, n/30.2 sold merchandise on account for $3,800, terms 2/10, n/30. the cost of the merchandise sold was $2,700.5 received credit from black wholesale supply for merchandise returned $200.9 received collections in full, less discounts, from customers billed on may 2.10 paid black wholesale supply in full, less discount.11 purchased supplies for cash $900.12 purchased merchandise for cash $2,500.15 received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 purchased merchandise from wilhelm distributors for $1,900, terms 2/10, n/30.19 paid freight on may 17 purchase $250. 24 sold merchandise for cash $5,500. the cost of the merchandise sold was $4,100.25 purchased merchandise from clasps inc. for $800, terms 3/10, n/30. 27 paid wilhelm distributors in full, less discount.29 made refunds to cash customers for returned merchandise $88. the returned merchandise had cost $88.31 sold merchandise on account for $1,250, terms n/30. the cost of the merchandise sold was $776.i need to "journalize the transactions using a perpetual inventory system.", "post the transactions to t-accounts. be sure to enter the beginning cash and common stock balances.", "prepare an income statement through gross profit for the month of may 2022.", and "calculate the profit margin and the gross profit rate. (assume operating expenses were $1,560.)

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During the month, merchandise is sold for $80,500 cash and for $119,000 on account. the cost of good...

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