Amount of gross profit, During the current year merchandise

Amount of gross profit

Assignment Help Accounting Basics

Reference no: EM13130095

During the current year merchandise is sold for $795,000.the cost of the merchandise sold is $477,000.

A-whats is the amount of gross profit?

B-compare the gross profit percentage(gross profit divided by sales)

C-will the income statement necessarily report a net income. Explain.

Reference no: EM13130095

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