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Question - Partial sales budget information for Sally's Shrimp Company follows:
April
May
June
Total
Cash sales
$50,000
60,000
70,000
180,000
Sales on account
75,000
90,000
105,000
270,000
Total budgeted sales
125,000
150,000
175,000
450,000
If cost of shrimp sold is 70% of sales, what amount is the gross margin for the quarter?
a. $315,000
b. $40,980
c. $450,000
d. $135,000
Question - Discuss the purpose of accounting theory and FOUR (4) approaches to theory construction in accounting
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