During the month, merchandise is sold for $23,500 cash and for $34,000 on account. The cost of goods sold is $42,000. What is the amount of gross profit? a. $42,000 b. $23,500 c. $15,500 d. $57,500
Added by Cole P.
Step 1
This includes both cash sales and sales on account. Total Sales Revenue = Cash Sales + Sales on Account Total Sales Revenue = $23,500 + $34,000 Total Sales Revenue = $57,500 Show more…
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