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Difference between gross margin and a gain

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1. Explain the difference between purchase returns and sales returns. How do purchase returns affect the financial statements of both buyer and seller? How do sales returns affect the financial statements of both buyer and seller?

2. Explain the difference between gross margin and a gain.

3. What is the difference between a multistep income statement and a single-step income statement?

Reference no: EM13536053

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