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Using the financial information presented for Alexandria Co., compute the missing amounts. Do not include dollar signs or commas in your answers. If an amount is to be deducted, do NOT include parentheses or negative signs. Sales revenue Sales returns and allowances 40,000 Net sales 90,000 Cost of goods sold Gross profit 70,000 Operating expenses Net income 20,000

Using the financial information presented for Alexandria Co., compute the missing amounts. Do not include dollar signs or commas in your answers. If an amount is to be deducted, do NOT include parentheses or negative signs. Sales revenue Sales returns and allowances 40,000 Net sales 90,000 Cost of goods sold Gross profit 70,000 Operating expenses Net income 20,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15MC: A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize...
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Using the financial information presented for Alexandria Co., compute the missing amounts.

Do not include dollar signs or commas in your answers. If an amount is to be deducted, do NOT include parentheses or negative signs.  

Sales revenue

  
Sales returns and allowances
 40,000
Net sales 90,000
Cost of goods sold
  
Gross profit 70,000
Operating expenses
  
Net income 20,000
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