User Account

All Pages

What is the amount of gross profit earned by Love Co

Assignment Help Financial Accounting
Reference no: EM132784094

Question - Love Co. sold merchandise to Kind Co. on account, P35,000, terms 2/15, net 45.  The cost of the merchandise sold is P24,500.  Love Co. issued a credit memo for P3,600 for merchandise returned that originally cost P1,700. Kind Co. paid the invoice within the discount period. What is the amount of gross profit earned by Love Co. on the above transactions?

a. 8,600

b. 10,500

c. 6,272

d. 7,972

Reference no: EM132784094

Questions Cloud

How the understanding will make you more effective : Covey's (1990, 2004) discussion of the three character traits essential to the Win/Win paradigm has a number of ties to what we have read so far in Leadership.
What does imply for detection risk : If the auditor assesses control risk as high for a transaction-related audit objective, what does imply for detection risk and the level of substantive test
What was the cause of death for the qing dynasty : This week (March 9-13) our class is exploring the causes behind the collapse and end of the Qing Dynasty. Our focus is also on the failed development.
Major catergories of stress-related factors : What are three major catergories of stress-related factors? Please provided a thorough explanation.
What is the amount of gross profit earned by Love Co : Kind Co. paid the invoice within the discount period. What is the amount of gross profit earned by Love Co. on the above transactions
What is meant by significant deficiencies : What is meant by "significant deficiencies" as they relate to internal control. What should the auditor do when he or she has discovered significant deficiency
Analyze importance of intelligence and counterintelligence : Analyze the importance of both intelligence and counterintelligence in the fight against terrorism. Create an argument for which is more important to homeland.
Expain foster diversity and inclusion in the workplace : Imagine you will be presenting at a conference for an audience of newly hired human resource professionals. Share your knowledge about how to evaluate the effec
What is meant by the control environment : Describe the four broad objectives management has when designing effective internal control. What is meant by the "control environment"?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How do determine what is the cash flow to creditors

Ford Motors Inc, If no new debt was issued during the year, what is the cash flow to creditors? What is the cash flow to shareholders?

  The price per unit of its smart phone products

Talmont products has dropped the price per unit of its smart phone products from $1,060 to $500.00. There are some units in work in process inventory that have costs of $600.00 per unit associated with them. Talmont could sell these units in their cu..

  Icome statementsyear ended december 31 20x8nbspnbspinsure

income statementsyear ended december 31 20x8nbspnbspinsure co.go-med co.sales39000001560000other

  What is the pension expense for the year 2020

Using the preceding data, what is the pension expense for the year 2020? As part of your solution, what should be on a pension worksheet

  Which is most preferable if an investor can only select

Which is most preferable if an investor can only select one pair of companies? It does not matter which two are selected-there is no preference order.

  Prepare a capital projects fund balance sheet

A bond issue of $12,000,000 was authorized for the construction of a library, and the estimated bond issue proceeds and related appropriations were recorded in the General Ledger accounts of a new Capital Projects Fund. Prepare a Capital Projects Fun..

  What would account be worth in twenty years

If you deposit ?$2,300 today into an account earning an annual rate of return of 7 ?percent, what would your account be worth in 20 years

  What is the incremental cash flow in year five

What is the incremental cash flow in year 1-4? What is the incremental cash flow in year 5? What is the incremental cash flow in year 0?

  What will be the company stock price

What will be the company's stock price following the stock split, assuming that the split has no effect on the total market value of JPix's equity

  Contribution margin-evaluating the margin of safety

A company has contribution margin per unit of $60 and a contribution margin ratio of 40%. What is the unit selling price? Contribution margin. Which statement is true when evaluating the margin of safety?

  What are net sales-cost of goods purchased and sold

Below are data for Hattie Corporation for the year ended December 31, 2010. What are net sales, Cost of Goods Purchased, Cost of Goods Sold, Gross Profit, and Net Income?

  How are planning for financial future

What will you endeavor to learn more about? Dig deep and be thoughtful. What did you learn this week that you didn't already know?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd