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H3Ko H3Ko
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8 years ago
Quality Jewelers uses the perpetual inventory system. On April 2, Quality sold merchandise for $60,000 to a customer on account with terms of 2/15, n/30. The allowances and returns on this sale amounted to $2,000 and $8,000, respectively. The cost of goods sold was $23,000. On April 20, Quality received payment from the customer. Calculate the amount of gross profit.
A) $25,800
B) $23,000
C) $27,000
D) $50,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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H3Ko Author
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#2
8 years ago
I just realized you had posted this! Thanks so much
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#3
4 years ago
thank you
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#4
4 years ago
thanks
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#5
4 years ago Edited: 4 years ago, Evan Watson
L
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#6
3 years ago
thank you
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#7
3 years ago
Thank you
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