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Find what is the amount of gross profit earned by abbey co

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Problem 1: Abbey Co. sold merchandise to Gomez Co. on account, $37000, terms 1/15, net 45. The cost of the merchandise sold is $17000. Abbey Co. issued a credit memo for $3800 for merchandise returned that originally cost $2400. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?

Reference no: EM132809402

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