What was the amount of gross profit

Assignment Help Financial Accounting

Reference no: EM131292737

For the fiscal year, sales were $8,300,000, sales discounts were $100,000, sales returns and allowances were $45,000, and the cost of merchandise sold was $5,000,000.

a. What was the amount of net sales?

b. What was the amount of gross profit?

Reference no: EM131292737

Questions Cloud

How can a writer make a message audience oriented : Why is writing in a natural, conversational tone difficult for many people?- How can a writer make a message audience oriented and develop audience benefits? Provide an original example.

Prepare the journal entry to record pension expense : The following information is available for the pension plan of Radcliffe Company for the year 2014. Compute pension expense for the year 2014. Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in ..

What is the adsorbed fraction : If the total height of the vessel is reduced to 5.5 cm, what is the adsorbed fraction? Assume that n-nonane does not adsorb to the vessel wall.

Role of culture when motivating employees : 1. Consider the role of culture when motivating employees. Describe some differences that can gain employee trust in at least three countries. Each country should be located on a different continent.

What was the amount of gross profit : For the fiscal year, sales were $8,300,000, sales discounts were $100,000, sales returns and allowances were $45,000, and the cost of merchandise sold was $5,000,000. What was the amount of net sales? What was the amount of gross profit?

Which phase requires the most time : List the three phases of the writing process and summarize what happens in each phase. Which phase requires the most time?

International company headquartered in ireland : If you were the CFO for a $10 billion-a-year international company headquartered in Ireland, which accounting rules would you recommend your company to follow: U.S. GAAP or IFRS? Are these rules comparable? What are the major differences between t..

List three specific techniques for developing a warm : How does profiling the audience help a business communicator prepare a message?- List three specific techniques for developing a warm, friendly, and conversational tone in business messages.

Three orders of certain brand of erlenmeyer flask : Selling expense for your distributer ship (a well known scientific supply firm) average 11.5% and you have a target return of atleast 9.5% of sales. your last three orders of a certain brand of erlenmeyer flask(230ml) were as follow: 32 dozen @33.40 ..

User Account

All Pages