abbey co. sold merchandise to gomez co. on account, $28,500, terms n/45. the cost of the goods sold was $19,950. abbey co. issued a credit memo to gomez co. for $2,200 for merchandise returned that originally cost $1,500. gomez co. paid the invoice within the credit period. what amount of gross profit is earned by abbey co. on these transactions?

Question

21-10-2022
Business

contestada

abbey co. sold merchandise to gomez co. on account, $28,500, terms n/45. the cost of the goods sold was $19,950. abbey co. issued a credit memo to gomez co. for $2,200 for merchandise returned that originally cost $1,500. gomez co. paid the invoice within the credit period. what amount of gross profit is earned by abbey co. on these transactions?

Respuesta :

Otras preguntas

How does the initial interaction between dionysius and pythias affect the story? responses it helps the citizens of syracuse understand that dionysius is a crue

Lee el iguiente texto y, a continuación, anota lo utantivo y conteta la pregunta: La montaña e extendían próxima a u pequeña aldea, permanentemente cubierta de

all of the following except are examples of non-verbal communication primarily involving the sense of touch/physical contact. group of answer choices

consider a rod that is 0.200 cmcm in diameter and 1.50 mm long, with a mass of 0.0500 kgkg. part a find the moment of inertia about an axis perpendicular to the

To overcome the potential shortcomings of single-year decision making metrics, many investors in real estate also perform multiyear discounted cash flow (DCF) v

what are the importance of sports

A new way of multiplying two vectors is introduced in this chapter. What is it called?.

when a foreign object lodged in the trachea (windpipe) forces a person to cough, the diaphragm thrusts upward causing an increase in pressure in the lungs. this

1. A company produces steel rods. The lengths of the steel rods are normally distributed with a mean of 125.2-cm and a standard deviation of 2.3-cm. For shipmen

A hot-air balloon, open at one end (see photos above), rises when the air inside is heated by a flame. For the following properties, is the air inside the ballo

contexto38 contexto38 · Answer 1 · 2022-10-26T19:03:06+02:00

The gross profit earned by Gomez Company on these transactions is $11,897.

A company's gross profit is calculated by deducting its entire sales from its total cost of products sold. All products sold by the business are included in the overall sales. All of the variable costs related to sales are added together to form the overall cost of the products sold.

Net sales are the total of a company's gross sales less any discounts, returns, and allowances. Net sales calculations are not always clear from the outside. When determining top-line revenues that are shown on the income statement, they are typically taken into consideration.

Net sales = sales - sales return - sales discount

Sales = $28,600 - $3,400 = $25,200

Sales Discount = $25,200 x 2%

Sales Discount = $504

Net Sales = $ 25,200 - $504 = $24,696

Cost of Goods Sold = $ 13,818 - $1,019

Net cost of goods sold = $ 12,799

Gross profit = net sales - net cost of goods sold

Gross profit = $ 24,696 - $ 12,799

Gross profit = $ 11,897

To learn more about gross profit

https://brainly.com/question/16999019

#SPJ4