Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 11

A Gross profit
During the current year, merchandise is sold for $615,000 cash and $4,110,000 on account. The cost of the merchandise sold is $2,835,000. What is the amount of the gross profit
B Gross profit
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