During the month, merchandise is sold for $23,500 cash and for $34,000 on account. the cost of merchandise sold is $41,500. what

Question

ikadub [295]

3 years ago

11

During the month, merchandise is sold for $23,500 cash and for $34,000 on account. the cost of merchandise sold is $41,500. what

is the amount of gross profit?

Business

1 answer:

AURORKA [14] · Answer 1 · 2022-04-05T07:37:32+03:00

In getting the gross profit, you need to add all the assets and less the expenses. See below:

Asset - Expenses = Profit

Below are the assets:
$ 23,000 cash on hand
$ 34,000 cash on bank

Therefore the total asset is $ 57,500

While the expense is $41,500

Solution: $57,500 - 41, 500 = $16,000

I hope it helps