Reference no: EM132380338
Question
Given below are account balances for fredricks Company:
Gross sales, $110,000
Sales returns and allowances, $6,000
Selling expenses, $12,000
Cost of goods sold, $42,000
Interest expense, $3,000
How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places.
Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January 21, the journal entry would include a credit to ?
Benjamin Company provided the following data concerning its income statement: sales, $850,000; purchases, $494,000; beginning inventory, $210,000; ending inventory, $262,000; operating expenses, $114,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $134,000; and purchases returns & allowances, $44,000. How much is net income?
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