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Compute the gross profit as a percent of sales

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Reference no: EM13510768

During the current year, merchandise is sold for $200,000 cash and for $950,000 on account. The cost of the merchandise sold is $805,000.

a. What is the amount of the gross profit?
b. Compute the gross profit as a percent of sales.
c. Will the income statement necessarily report a net income? Explain.

Reference no: EM13510768

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