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Abbey Co. sold merchandise to Gomez Co. on account, $29,300, terms 2/15, net 30. The cost of the goods sold is $20,510. Abbey Co

yawa3891 [41]

Answer:

The amount of gross profit earned by Abbey Co. on the above transactions is $7,554.00

Step-by-step explanation:

What is the gross profit of Abbey Co?

Note that after sales of goods of $29,300 whose cost is $20,510 to Gomez Co, Gomez returned goods whose selling price is $2,500 and cost originally $1,800 to Abbey Co.

The implication of such goods returned is that $2,500 would be deducted from selling price and $1,800 would be deducted from cost of goods sold.

selling price=$29,300-$2,500

selling price=$26,800.00

cost of goods sold=$20,510-$1,800

cost of goods sold=$18,710.00

Note again that Gomez paid the invoice within the discount period, which means that net sales is the selling price of $26,800.00 minus 2% discount(2/15 means a discount of 2% is available if credit sales is settled in cash within the first 15 days of making sales0

net sales=$26,800.00*(1-2%)

net sales=$26,264.00

The gross profit is net sales minus the cost of goods sold

gross profit= $26,264.00-$18,710.00

gross profit=$7,554.00

Below is the link to a similar question which gives further guidance

brainly.com/question/14680275

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2 years ago

What is the %_ee of a sample of carvone that exhibits an observed rotation of -20, given that the specific rotation of (R)-carvo

ELEN [110]

Answer: 44

Step-by-step explanation:

44

4 0

3 years ago

A price is decreased by 5% and is now £779.<br> Work out the original price.

lisabon 2012 [21]

Answer:

820

Step-by-step explanation:

779/x = 95/100

779×100

77,900 ÷ 95

820

4 0

3 years ago

The sum of two positive integers is 13 the difference between these numbers is 7 what is their product ? Explain :

olasank [31]

A+b=13
a-b=7
add the two equations using system of equations
2a=20
a=10
10+b=13
b=3

5 0

4 years ago

Read 2 more answers

The following information was obtained from independent random samples taken of two populations. Assume normally distributed pop

Volgvan

Answer:

1. The 95% confidence interval for the difference between means is (-5.34, 11.34).

2. The standard error of (x-bar1)-(x-bar2) is 4.

$s_{M_d}=\sqrt{\dfrac{\sigma_1^2}{n_1}+\dfrac{\sigma_2^2}{n_2}}=\sqrt{\dfrac{9.2195^2}{10}+\dfrac{9.4868^2}{12}}\\\\\\s_{M_d}=\sqrt{8.5+7.5}=\sqrt{16}=4$

Step-by-step explanation:

We have to calculate a 95% confidence interval for the difference between means.

The sample 1, of size n1=10 has a mean of 45 and a standard deviation of √85=9.2195.

The sample 2, of size n2=12 has a mean of 42 and a standard deviation of √90=9.4868.

The difference between sample means is Md=3.

$M_d=M_1-M_2=45-42=3$

The estimated standard error of the difference between means is computed using the formula:

$s_{M_d}=\sqrt{\dfrac{\sigma_1^2}{n_1}+\dfrac{\sigma_2^2}{n_2}}=\sqrt{\dfrac{9.2195^2}{10}+\dfrac{9.4868^2}{12}}\\\\\\s_{M_d}=\sqrt{8.5+7.5}=\sqrt{16}=4$

The critical t-value for a 95% confidence interval is t=2.086.

The margin of error (MOE) can be calculated as:

$MOE=t\cdot s_{M_d}=2.086 \cdot 4=8.34$

Then, the lower and upper bounds of the confidence interval are:

$LL=M_d-t \cdot s_{M_d} = 3-8.34=-5.34\\\\UL=M_d+t \cdot s_{M_d} = 3+8.34=11.34$

The 95% confidence interval for the difference between means is (-5.34, 11.34).

6 0

4 years ago