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What is the amount of net income earned by gold company

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Question 1 - Gold Co. sold merchandise to Bronze Co. on account, $23,000, terms 2/15, net 45. The cost of the merchandise sold is $18,500. Gold Co. issued a credit memorandum for $2,500 for merchandise returned that originally cost $1,900. Bronze Co. paid the invoice within the discount period. What is the amount of net income earned by Gold Co. on the transactions?

Question 2 - Based on the following data, determine the cost of merchandise sold for October.

Merchandise Inventory, October 1 $ 98,560

Merchandise Inventory, October 31 102,330

Purchases 433,880

Purchases Returns & Allowances 12,760

Purchases Discounts 9,900

Transportation In 7,620

Reference no: EM131799202

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