Answered: financial information is presented here…

financial information is presented here for queen company. Net sales- 80,000 cost of goods sold- 48,000 gross profit- 32,000 operating expenses- 18,00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Question

financial information is presented here for queen company.

Net sales- 80,000

cost of goods sold- 48,000

gross profit- 32,000

operating expenses- 18,000

net income 14,000

Gross profit?

Profit margin?

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