Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the current year, merchandise is sold for $

During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The...

70.2K

Verified Solution

Question

Accounting

During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of the merchandise sold is $188,000. What is the amount of the gross profit?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

Which statement is true Dilations of a triangle always make the sides longer Dilations of...

Finance
1.2K views

You are considering a new product launch. The project will cost $857,000, have a four-year life,...

Civil Engineering
1.2K views

Give a clear and step by step procedure for taking a slump test

Physics
1.2K views

In figure shown car A is travelling due north and car B is traveling due...

Geometry
1.2K views

4 Determine if the following statement is valid or invalid You live in California if...

Geometry
1.2K views

5 SAT Question Systems of Equations In the xy plane the lines y 3x 5...

Geometry
1.2K views

CONSTRUCTION The frame for the roof of a house is designed so that the ratio...

Calculus
1.2K views

alyze the following alternating series for absolute and conditional convergence 1 n 1 n4n 1...

Accounting
1.2K views

. a. On January 1, Lumia Company's liabilities are $64,000 and its equity is $44,000....

Accounting
1.2K views

Martinez Company's ending inventory includes the following items. Compute the lower of cost or market...

Accounting
1.2K views

Please solve this problem urgently if you know perfect thanks Information is clear what...

Accounting
1.2K views

M11-2 Calculating Accounting Rate of Return [LO 11-1] What is the accounting rate of return...